Xenia Hotels & Resorts (XHR) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		101,963,677
Entity Central Index Key	0001616000
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment properties:
Land	$ 455,907	$ 460,307
Buildings and other improvements	3,128,031	3,097,711
Total	3,583,938	3,558,018
Less: accumulated depreciation	(1,012,425)	(963,052)
Net investment properties	2,571,513	2,594,966
Cash and cash equivalents	143,612	164,725
Restricted cash and escrows	61,490	58,350
Accounts and rents receivable, net of allowance for doubtful accounts	34,661	32,432
Intangible assets, net of accumulated amortization of $269 and $241, respectively	4,870	4,898
Deferred tax assets (Note 8)	5,041	0
Other assets	57,516	46,856
Assets held for sale (Note 4)	28,034	0
Total assets	2,906,737	2,902,227
Liabilities:
Debt, net of loan premiums, discounts and unamortized deferred financing costs (Note 5)	1,395,324	1,394,906
Accounts payable and accrued expenses	106,016	102,389
Distributions payable	12,607	10,788
Other liabilities	71,764	76,647
Liabilities associated with assets held for sale (Note 4)	1,034	0
Total liabilities	1,586,745	1,584,730
Commitments and Contingencies (Note 12)
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 101,963,677 and 102,372,589 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,020	1,024
Additional paid in capital	1,929,304	1,934,775
Accumulated other comprehensive income	3,068	2,439
Accumulated distributions in excess of net earnings	(647,658)	(647,246)
Total Company stockholders' equity	1,285,734	1,290,992
Non-controlling interests	34,258	26,505
Total equity	1,319,992	1,317,497
Total liabilities and equity	$ 2,906,737	$ 2,902,227

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 269	$ 241
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	101,963,677	102,372,589
Common stock, outstanding (in shares)	101,963,677	102,372,589

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 272,904	$ 271,066	$ 540,392	$ 540,039
Expenses:
Total hotel operating expenses	185,819	178,637	368,845	357,913
Depreciation and amortization	31,823	33,490	63,787	67,231
Real estate taxes, personal property taxes and insurance	13,340	12,808	26,833	25,278
Ground lease expense	837	784	1,623	1,494
General and administrative expenses	10,341	9,972	20,599	18,755
Gain on business interruption insurance	0	0	(745)	0
Other operating expenses	377	378	1,207	610
Impairment and other losses	100	0	350	0
Total expenses	242,637	236,069	482,499	471,281
Operating income	30,267	34,997	57,893	68,758
Other income	1,945	2,897	4,372	4,181
Interest expense	(20,245)	(21,650)	(40,603)	(43,784)
Loss on extinguishment of debt	0	(29)	0	(1,169)
Net income before income taxes	11,967	16,215	21,662	27,986
Income tax (expense) benefit	4,146	(1,803)	3,418	(7,021)
Net income	16,113	14,412	25,080	20,965
Net income attributable to non-controlling interests (Note 1)	(775)	(620)	(1,208)	(893)
Net income attributable to common stockholders	$ 15,338	$ 13,792	$ 23,872	$ 20,072
Basic and diluted income per share:
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.15	$ 0.12	$ 0.23	$ 0.18
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.15	$ 0.12	$ 0.23	$ 0.18
Weighted-average number of common shares (basic) (in shares)	101,963,677	109,304,694	101,961,559	110,535,092
Weighted-average number of common shares (diluted) (in shares)	102,348,982	109,511,862	102,357,116	110,768,602
Comprehensive income:
Net income	$ 16,113	$ 14,412	$ 25,080	$ 20,965
Other comprehensive income:
Unrealized gain on interest rate derivative instruments	694	5,906	2,953	5,906
Reclassification adjustment for amounts recognized in net income (interest expense)	(1,128)	(460)	(2,260)	(460)
Comprehensive (loss) income including portion attributable to noncontrolling interest	15,679	19,858	25,773	26,411
Comprehensive income attributable to non-controlling interests (Note 1)	(754)	(849)	(1,272)	(1,122)
Comprehensive income attributable to the Company	14,925	19,009	24,501	25,289
Rooms
Revenues:
Revenues	160,786	157,942	313,910	311,587
Expenses:
Expenses	39,028	37,153	77,221	73,356
Food and Beverage
Revenues:
Revenues	89,080	92,033	181,853	188,157
Expenses:
Expenses	60,634	59,989	121,114	120,676
Other revenues
Revenues:
Revenues	23,038	21,091	44,629	40,295
Other direct expenses
Expenses:
Other expenses	6,757	6,014	12,844	11,712
Other indirect expenses
Expenses:
Other expenses	69,749	66,255	137,382	132,754
Management and franchise fees
Expenses:
Expenses	$ 9,651	$ 9,226	$ 20,284	$ 19,415

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	Distributions in excess of retained earnings	Non-controlling interests of Operating Partnership
Beginning balance (in shares) at Dec. 31, 2022		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 income	$ 20,965				20,072	893
Repurchase of common shares, net (in shares)	(4,445,708)	(4,445,708)
Repurchase of common shares, net	$ (58,694)	$ (44)	(58,650)
Dividends, common share / units	(22,433)				(21,974)	(459)
Share-based compensation (in shares)		65,247
Share-based compensation	6,737		900			5,837
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)
Unrealized gain on interest rate derivative instruments	5,906			5,658		248
Reclassification adjustment for amounts recognized in net income	(460)			(441)		(19)
Ending balance (in shares) at Jun. 30, 2023		108,121,598
Ending balance at Jun. 30, 2023	1,411,771	$ 1,082	2,005,265	5,217	(625,118)	25,325
Beginning balance (in shares) at Mar. 31, 2023		110,661,486
Beginning balance at Mar. 31, 2023	1,430,872	$ 1,107	2,036,707	0	(628,060)	21,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,412				13,792	620
Repurchase of common shares, net (in shares)		(2,539,888)
Repurchase of common shares, net	(31,948)	$ (25)	(31,923)
Dividends, common share / units	(11,081)				(10,850)	(231)
Share-based compensation (in shares)		0
Share-based compensation	4,070		481			3,589
Unrealized gain on interest rate derivative instruments	5,906			5,658		248
Reclassification adjustment for amounts recognized in net income	(460)			(441)		(19)
Ending balance (in shares) at Jun. 30, 2023		108,121,598
Ending balance at Jun. 30, 2023	$ 1,411,771	$ 1,082	2,005,265	5,217	(625,118)	25,325
Beginning balance (in shares) at Dec. 31, 2023	102,372,589	102,372,589
Beginning balance at Dec. 31, 2023	$ 1,317,497	$ 1,024	1,934,775	2,439	(647,246)	26,505
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 25,080				23,872	1,208
Repurchase of common shares, net (in shares)	(468,107)	(468,107)
Repurchase of common shares, net	$ (6,324)	$ (5)	(6,319)
Dividends, common share / units	(24,826)				(24,284)	(542)
Share-based compensation (in shares)		80,837
Share-based compensation	8,861	$ 1	1,182			7,678
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(21,642)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(334)		(334)
Redemption of Operating Partnership Units (in shares)		0
Redemption of Operating Partnership Units	(655)	$ 0	0			(655)
Unrealized gain on interest rate derivative instruments	2,953			2,781		172
Reclassification adjustment for amounts recognized in net income	$ (2,260)			(2,152)		(108)
Ending balance (in shares) at Jun. 30, 2024	101,963,677	101,963,677
Ending balance at Jun. 30, 2024	$ 1,319,992	$ 1,020	1,929,304	3,068	(647,658)	34,258
Beginning balance (in shares) at Mar. 31, 2024		101,963,677
Beginning balance at Mar. 31, 2024	1,312,039	$ 1,020	1,928,667	3,481	(650,702)	29,573
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,113				15,338	775
Dividends, common share / units	(12,566)				(12,294)	(272)
Share-based compensation (in shares)		0
Share-based compensation	4,840	$ 0	637			4,203
Unrealized gain on interest rate derivative instruments	694			661		33
Reclassification adjustment for amounts recognized in net income	$ (1,128)			(1,074)		(54)
Ending balance (in shares) at Jun. 30, 2024	101,963,677	101,963,677
Ending balance at Jun. 30, 2024	$ 1,319,992	$ 1,020	$ 1,929,304	$ 3,068	$ (647,658)	$ 34,258

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends, common shares / units (in dollars per share)	$ 0.12	$ 0.12	$ 0.10	$ 0.24	$ 0.20

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 16,113	$ 14,412	$ 25,080	$ 20,965
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			63,733	67,124
Non-cash ground rent and amortization of other intangibles			54	107
Amortization of debt premiums, discounts, and financing costs			2,715	2,295
Loss on extinguishment of debt	0	29	0	1,169
Gain on insurance recoveries			(1,447)	(535)
Share-based compensation expense			8,572	6,559
Deferred interest expense			0	(1,296)
Changes in assets and liabilities:
Accounts and rents receivable			(2,372)	4,325
Other assets			(15,749)	988
Accounts payable and accrued expenses			1,955	(6,521)
Other liabilities			(602)	5,493
Net cash provided by operating activities			81,939	100,673
Cash flows from investing activities:
Capital expenditures			(69,267)	(33,996)
Proceeds from property insurance			1,102	535
Performance guaranty payments			151	1,239
Net cash used in investing activities			(68,014)	(32,222)
Cash flows from financing activities:
Proceeds from mortgage debt modification			0	440
Payoff of mortgage debt			0	(99,488)
Principal payments of mortgage debt			(1,659)	(1,686)
Proceeds from 2023 Term Loans			0	225,000
Principal payments on Corporate Credit Facility Term Loan			0	(125,000)
Repurchase of 2020 Senior Notes			0	(29,705)
Payment of loan fees and issuance costs			0	(5,554)
Payment of loan modification fees			0	(25)
Repurchase of common shares			(6,324)	(58,694)
Redemption of Operating Partnership Units			(655)	0
Dividends and dividend equivalents			(22,909)	(22,759)
Shares redeemed to satisfy tax withholding on vested share-based compensation			(351)	(578)
Net cash used in financing activities			(31,898)	(118,049)
Net decrease in cash and cash equivalents and restricted cash			(17,973)	(49,598)
Cash and cash equivalents and restricted cash, at beginning of period			223,075	365,910
Cash and cash equivalents and restricted cash, at end of period	205,102	316,312	205,102	316,312
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	143,612	255,291	143,612	255,291
Restricted cash	61,490	61,021	61,490	61,021
Total cash and cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	205,102	316,312	205,102	316,312
The following represent cash paid during the periods presented for the following:
Cash paid for interest, net of capitalized interest	39,622	43,968
Cash paid for taxes	1,716	3,745
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	1,236	4,685
Distributions payable	$ 12,607	$ 11,101	$ 12,607	$ 11,101

Organization

Organization	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, the Company collectively owned 95.2% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 4.8% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and current or former 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") for U.S. federal income tax purposes. 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 June 30, 2024 and 2023, the Company owned 32 lodging properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The 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, 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, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2024. Operating results for the three and six months ended June 30, 2024 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. 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 six months ended June 30, 2024, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Houston, Texas markets that exceeded ten percent (10%) of total revenues for the period then ended. For the six months ended June 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and Houston, Texas markets that exceeded ten percent (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 then 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. 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. For the three and six months ended June 30, 2024, the Company expensed $0.1 million and $0.4 million, respectively, of repair and clean up costs related to damage sustained at one property. These amounts are included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income for the periods then ended. Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. During the three and six months ended June 30, 2024, the Company recorded $0.4 million and $1.4 million, respectively, of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. For the three and six months ended June 30, 2023, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income 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 insurers. During the six months ended June 30, 2024, the Company recognized $0.7 million in business interruption insurance proceeds, net of license and management fees, for a portion of lost income related to a restaurant kitchen fire which occurred in 2023. This amount is included in gain on business interruption insurance on the condensed consolidated statement of operations and comprehensive income for the period then ended. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) the actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation and amortization on the investment properties held for sale. The investment properties, other assets and liabilities associated with those investment properties that are held for sale are classified separately on the condensed consolidated balance sheet for the most recent reporting period and are presented at the lesser of the carrying value or fair value, less costs to sell. 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 are generally recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. An acceleration of expense recognition may occur in certain cases where the award recipient has met or will meet the retirement eligibility requirements prior to the applicable vesting date. 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 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 June 30, 2024 and December 31, 2023, deferred financing costs related to the revolving line of credit were $9.6 million, offset by accumulated amortization of $6.3 million and $5.7 million, respectively. At June 30, 2024 and December 31, 2023, deferred financing costs related to all other debt were $24.3 million, offset by accumulated amortization of $13.9 million and $11.8 million, respectively. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker ("CODM") and interim disclosures for all reportable segment's profit or loss and assets. Additionally, this guidance requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit and loss in assessing segment performance and deciding how to allocate resources. This guidance, which also applies to entities with a single reportable segment, is expected to improve financial reporting by providing additional information about a public company's significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the disclosures to its consolidated financial statements. In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures and updates are related to the rate reconciliation and income taxes paid disclosures, requiring (1) the consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the disclosures to its consolidated financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended Primary Markets June 30, 2024 June 30, 2024 Orlando, FL $ 33,010 $ 77,561 Houston, TX 28,718 59,315 San Diego, CA 26,941 49,631 Dallas, TX 20,172 40,876 Phoenix, AZ 15,801 38,933 Atlanta, GA 18,554 35,019 San Francisco/San Mateo, CA 14,071 28,183 Nashville, TN 15,927 27,272 Washington, DC-MD-VA 14,660 25,537 Portland, OR 13,614 25,386 Other 71,436 132,679 Total $ 272,904 $ 540,392 Three Months Ended Six Months Ended Primary Markets June 30, 2023 June 30, 2023 Orlando, FL $ 34,052 $ 74,460 Phoenix, AZ 24,912 62,385 Houston, TX 26,873 54,332 San Diego, CA 24,628 46,603 Dallas, TX 17,261 37,211 Atlanta, GA 16,974 32,475 Nashville, TN 17,338 28,305 San Francisco/San Mateo, CA 13,869 27,247 Washington, DC-MD-VA 13,142 24,049 Portland, OR 13,442 24,021 Other 68,575 128,951 Total $ 271,066 $ 540,039

Investment Properties

Investment Properties	6 Months Ended
	Jun. 30, 2024
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. During the three months ended June 2024, the Company entered into an agreement to sell the 107-room Lorien Hotel & Spa, in Alexandria, Virginia for a sale price of $30.0 million and the buyer funded an at-risk deposit. The sale closed on July 9, 2024 for an estimated gain of approximately $1.8 million. Net cash proceeds from the sale, after transaction closing costs, were $29.1 million. As of June 30, 2024, the hotel's assets and liabilities were classified as held for sale on the condensed consolidated balance sheet for the period then ended. Held for Sale The following represents the major classes of assets and liabilities associated with the property held for sale as of June 30, 2024 (in thousands): June 30, 2024 Land $ 4,365 Buildings and other improvements 37,247 Total $ 41,612 Less: accumulated depreciation (14,207) Net investment properties $ 27,405 Accounts and rents receivable, net of allowance for doubtful accounts 143 Other assets 486 Total assets held for sale $ 28,034 Accounts payable and accrued expenses 693 Other liabilities 341 Total liabilities associated with assets held for sale $ 1,034 The operating results of the hotel that was held for sale as of June 30, 2024 is included in the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2024 and 2023, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt as of June 30, 2024 and December 31, 2023 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date June 30, December 31, 2023 Mortgage Loans Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 $ 53,921 $ 54,522 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 107,053 108,111 Andaz Napa Fixed (2) 5.72 % 1/19/2028 55,000 55,000 Total Mortgage Loans 4.88 % (3) $ 215,974 $ 217,633 Corporate Credit Facilities 2023 Initial Term Loan Fixed (4) 5.65 % 3/1/2026 125,000 125,000 2023 Delayed Draw Term Loan Fixed (4) 5.65 % 3/1/2026 100,000 100,000 Revolving Line of Credit Variable (5) 7.23 % 1/11/2027 — — Total Corporate Credit Facilities $ 225,000 $ 225,000 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 464,747 464,747 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 500,000 Loan premiums, discounts and unamortized deferred financing costs, net (6) (10,397) (12,474) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.50 % (3) $ 1,395,324 $ 1,394,906 (1) The rates shown represent the annual interest rates as of June 30, 2024. 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) A variable interest loan for which the interest rate has been fixed with an interest rate swap to Term SOFR through January 1, 2027. (3) Represents the weighted-average interest rate as of June 30, 2024. (4) A variable interest loan for which the spread to Term SOFR has been fixed with interest rate swaps through mid-February 2025. (5) Commitments under the revolving line of credit total $450 million through maturity. The spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (6) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. Mortgage Loans Of the total outstanding debt at June 30, 2024, 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 The $450 million 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 Initial Term Loan and the 2023 Delayed Draw Term Loan (together, 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 June 30, 2024, there was no outstanding balance on the revolving line of credit. During the three and six months ended June 30, 2024, the Company incurred unused commitment fees of approximately $0.3 million and $0.7 million, respectively, and did not incur interest expense. During the three and six months ended June 30, 2023, the Company incurred unused commitment fees of approximately $0.4 million and $0.7 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. Financial Covenants As of June 30, 2024, the Company was in compliance with all debt covenants, current on all loan payments and not otherwise in default under the revolving line of credit, corporate credit facility term loans, mortgage loans or Senior Notes. Debt Outstanding Total debt outstanding as of June 30, 2024 and December 31, 2023 was $1,406 million and $1,407 million, respectively, and had a weighted-average interest rate of 5.50% and 5.47% 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- 2024 $ 1,696 4.59% 2025 469,178 6.36% 2026 280,381 5.43% 2027 102,388 4.64% 2028 52,078 5.72% Thereafter 500,000 4.88% Total Debt $ 1,405,721 5.50% Revolving Line of Credit (matures in 2027) — 7.23% Loan premiums, discounts and unamortized deferred financing costs, net (10,397) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,395,324 5.50% During the six months ended June 30, 2023, the Company capitalized $5.6 million of deferred financing costs and expensed $1.7 million of debt-related 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 six months ended June 30, 2023, in connection with the 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 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. 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. Derivative instruments held by the Company with the right of offset in a net asset position are 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 June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 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 $ 577 $ 75,000 $ 587 2023 Initial Term Loan Swap 3.87% 1-Month SOFR 5/10/2023 2/10/2025 50,000 379 50,000 380 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 50,000 394 50,000 388 2023 Delayed Draw Term Loan Swap 3.86% 1-Month SOFR 5/17/2023 2/17/2025 25,000 196 25,000 191 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 25,000 197 25,000 194 Mortgage Debt Swap 3.22% Daily SOFR 6/1/2023 1/1/2027 55,000 1,480 55,000 790 $ 280,000 $ 3,223 $ 280,000 $ 2,530 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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Income: Gain recognized in other comprehensive income Unrealized gain on interest rate derivative instruments $ 694 $ 5,906 $ 2,953 $ 5,906 Gain reclassified from accumulated other comprehensive income to net income Reclassification adjustment for amounts recognized in net income $ (1,128) $ (460) $ (2,260) $ (460) Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 20,245 $ 21,650 $ 40,603 $ 43,784 The Company expects approximately $2.7 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	6 Months Ended
	Jun. 30, 2024
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 value is included in the condensed consolidated balance sheets as of as of June 30, 2024 and December 31, 2023 (in thousands): Fair Value Measurement Date June 30, 2024 December 31, 2023 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) $ 3,223 $ — $ 2,530 $ — (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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Total Mortgage and Term Loans $ 440,974 $ 426,751 $ 442,633 $ 425,858 Senior Notes 964,747 946,184 964,747 939,826 Revolving Line of Credit — — — — Total $ 1,405,721 $ 1,372,935 $ 1,407,380 $ 1,365,684 The Company estimated the fair value of its total debt, net of discounts, using a weighted-average effective interest rate of 6.21% and 6.09% per annum as of June 30, 2024 and December 31, 2023, respectively. The assumptions reflect the terms currently available to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company estimated an income tax benefit for the three and six months ended June 30, 2024 using an estimated federal and state combined effective tax rate of (33.25)% and recognized an income tax benefit of $4.1 million and $3.4 million, respectively. During the three and six months ended June 30, 2024, the Company recognized an income tax benefit of $5.0 million due to the release of a valuation allowance on certain deferred tax assets causing the year to date effective tax rate to be significantly different from our historical annual effective tax rate. The Company estimated income tax expense for the three and six months ended June 30, 2023 using an estimated federal and state combined effective tax rate of 23.68% and recognized income tax expense of $1.8 million and $7.0 million, respectively. The Company considers various factors, including cumulative losses, the future reversals of existing taxable temporary differences, projected future taxable income and tax-planning strategies when assessing the realizability of its deferred tax assets. As of June 30, 2024, the Company has determined there is sufficient positive evidence to conclude it is more likely than not a portion of the deferred tax assets related to certain state net operating loss carryforwards is realizable and therefore recorded a $5.0 million reduction in the related valuation allowance.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
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. No shares were sold under the ATM Agreement during the three and six months ended June 30, 2024 and 2023 and, as of June 30, 2024, $200 million of common stock remained available for issuance under the ATM Agreement. As of June 30, 2024 and December 31, 2023, the Company had accumulated offering related costs included in other assets on the condensed consolidated balance sheets of $0.4 million and $0.3 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") resulting in authorization to repurchase 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 six months ended June 30, 2024, 468,107 shares were repurchased under the Repurchase Program, at a weighted-average price of $13.51 per share for an aggregate purchase price of $6.3 million. During the six months ended June 30, 2023, 4,445,708 shares were repurchased under the Repurchase Program, at a weighted-average price of $13.20 per share for an aggregate purchase price of $58.7 million. As of June 30, 2024, the Company had approximately $127.4 million remaining under its share repurchase authorization. Dividends The Company declared the following dividends during the six months ended June 30, 2024: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.12 March 31, 2024 March 28, 2024 April 15, 2024 $0.12 June 30, 2024 June 28, 2024 July 15, 2024 Non-Controlling Interest of Common Units in Operating Partnership As of June 30, 2024, the Operating Partnership had 5,136,969 LTIP Units outstanding, representing a 4.8% partnership interest held by the limited partners. Of the 5,136,969 LTIP Units outstanding at June 30, 2024, 1,735,183 LTIP Units had vested but had yet to be converted or redeemed. Only vested LTIP Units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption per the terms of the partnership agreement. During the six months ended June 30, 2024, 42,826 vested LTIP Units were converted into common limited partnership units in the Operating Partnership ("Common Units") on a one-for-one basis and subsequently all 42,826 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, all 42,826 Common Units were redeemed for cash totaling $0.7 million.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to common stockholders $ 15,338 $ 13,792 $ 23,872 $ 20,072 Dividends paid on unvested share-based compensation (98) (66) (196) (133) Undistributed earnings attributable to unvested share-based compensation (7) (5) — — Net income available to common stockholders $ 15,233 $ 13,721 $ 23,676 $ 19,939 Denominator: Weighted-average shares outstanding - Basic 101,963,677 109,304,694 101,961,559 110,535,092 Effect of dilutive share-based compensation 385,305 207,168 395,557 233,510 Weighted-average shares outstanding - Diluted 102,348,982 109,511,862 102,357,116 110,768,602 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.15 $ 0.12 $ 0.23 $ 0.18

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
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 awards of restricted stock units under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2024 2024 Restricted Stock Units 170,041 92,262 $ 11.35 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: thirty-three percent (33%) on the first anniversary of the vesting commencement date, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (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 2024 2024 LTIP Units 149,221 1,201,212 $ 7.48 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: thirty-three percent (33%) on the first anniversary of the vesting commencement date, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (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 applicable 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 ten percent (10%) of the distribution paid on common units in the Operating Partnership. In May 2024, pursuant to the Company's Director Compensation Program, the Company issued 47,362 fully vested LTIP Units to its non-employee directors which had a grant date fair value of $14.78 per unit. The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of June 30, 2024: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2023 316,500 2,160,198 2,476,698 Granted 262,303 1,397,795 1,660,098 Vested (2) (80,837) (156,207) (237,044) Forfeited (11,466) — (11,466) Unvested as of June 30, 2024 486,500 3,401,786 3,888,286 Weighted-average fair value of unvested shares/units $ 11.76 $ 8.32 $ 8.75 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units. (2) During the six months ended June 30, 2024 and 2023, 21,642 and 17,613 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 value of the time-based Restricted Stock Units and time-based LTIP Units is determined based on the closing price of the Company’s common stock on the grant date. The grant date fair value of performance-based units is determined based on a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Volatility Interest Rate Dividend Yield February 23, 2024 Absolute TSR Restricted Stock Units 25% $7.75 46.86% 4.57% - 5.31% 3.01% Relative TSR Restricted Stock Units 75% $7.74 46.86% 4.57% - 5.31% 3.01% Absolute TSR Class A LTIP Units 25% $7.81 46.86% 4.57% - 5.31% 3.01% Relative TSR Class A LTIP Units 75% $7.75 46.86% 4.57% - 5.31% 3.01% Compensation expense related to time-based Restricted Stock Units and time-based LTIP Units is generally recognized on a straight-line basis over the vesting period and compensation expense related to performance-based units is generally recognized on a straight-line basis over the performance period. An acceleration of compensation expense recognition may occur in certain cases where the award recipient has met or will meet the retirement eligibility requirements prior to the vesting date. The absolute and relative total stockholder returns are market conditions as defined by Accounting Standards Codification 718, Compensation - Stock Compensation ("ASC 718"). 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 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 six months ended June 30, 2024, the Company recognized approximately $4.0 million and $7.9 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 corporate employees. In addition, for the three and six months ended June 30, 2024, the Company recognized $0.7 million of share-based compensation expense related to grants to the Board of Directors and capitalized approximately $0.2 million and $0.3 million, respectively, related to Restricted Stock Units provided to certain other employees who oversee development and capital projects on behalf of the Company. As of June 30, 2024, there was $16.8 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 1.98 years. For the three and six months ended June 30, 2023, the Company recognized approximately $3.3 million and $5.9 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 corporate employees. In addition, for the three and six months ended June 30, 2023, the Company recognized $0.7 million of share-based compensation expense related to grants to the Board of Directors and capitalized approximately $0.1 million and $0.2 million, respectively, 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	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 (dollar amounts in thousands): June 30, 2024 Weighted-average remaining lease term, including reasonably certain extension options (1) 19 years Weighted-average discount rate 5.71% ROU asset (2) $ 17,307 Lease liability (3) $ 18,265 Operating lease rent expense $ 1,085 Variable lease costs 2,215 Total rent and variable lease costs $ 3,300 (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 June 30, 2024 (in thousands): Year Ending 2024 (excluding the six months ended June 30, 2024) $ 1,079 2025 2,172 2026 2,188 2027 2,204 2028 2,086 Thereafter 22,358 Total undiscounted lease payments $ 32,087 Less imputed interest (13,822) Lease liability (1) $ 18,265 (1) The lease liability is included in other liabilities on the condensed consolidated balance sheet as of June 30, 2024. 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 engages 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 26 years. Management agreements for franchised hotels generally contain initial terms between 15 and 20 years with an average remaining term of approximately five years; none of these agreements contemplate renewal or extension of the initial term. 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 six months ended June 30, 2024, the Company incurred management and franchise fee expenses of $9.7 million and $20.3 million, respectively, and for the three and six months ended June 30, 2023 incurred expenses of $9.2 million and $19.4 million, respectively, which are included on the condensed consolidated statements of operations and comprehensive income 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 June 30, 2024 and December 31, 2023, the Company had a balance of $55.9 million and $49.7 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 June 30, 2024 and December 31, 2023, respectively. Renovation and Construction Commitments As of June 30, 2024, 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 June 30, 2024 totaled $70.2 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During the three months ended June 30, 2024, the Company entered into an agreement to sell the 107-room Lorien Hotel & Spa, in Alexandria, Virginia for a sale price of $30.0 million and the buyer funded an at-risk deposit. The sale closed on July 9, 2024 for an estimated gain of approximately $1.8 million. Net cash proceeds from the sale, after transaction closing costs, were $29.1 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 15,338	$ 13,792	$ 23,872	$ 20,072

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of 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, 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, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2024. Operating results for the three and six months ended June 30, 2024 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.
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 six months ended June 30, 2024, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Houston, Texas markets that exceeded ten percent (10%) of total revenues for the period then ended. For the six months ended June 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and Houston, Texas markets that exceeded ten percent (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	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 then 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.
Long-lived assets and intangibles	Long-lived assets and intangibles
Insurance Recoveries	Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. During the three and six months ended June 30, 2024, the Company recorded $0.4 million and $1.4 million, respectively, of insurance proceeds in excess of recognized losses related to casualty losses at certain properties. For the three and six months ended June 30, 2023, the Company recorded $0.5 million of insurance proceeds in excess of recognized losses related to a casualty loss at one property. These amounts are included in other income on the condensed consolidated statement of operations and comprehensive income 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 insurers. During the six months ended June 30, 2024, the Company recognized $0.7 million in business interruption insurance proceeds, net of license and management fees, for a portion of lost income related to a restaurant kitchen fire which occurred in 2023. This amount is included in gain on business interruption insurance on the condensed consolidated statement of operations and comprehensive income for the period then ended.
Investment Properties Held for Sale	Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) the actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan.
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 are generally recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. An acceleration of expense recognition may occur in certain cases where the award recipient has met or will meet the retirement eligibility requirements prior to the applicable vesting date. 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 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker ("CODM") and interim disclosures for all reportable segment's profit or loss and assets. Additionally, this guidance requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit and loss in assessing segment performance and deciding how to allocate resources. This guidance, which also applies to entities with a single reportable segment, is expected to improve financial reporting by providing additional information about a public company's significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the disclosures to its consolidated financial statements. In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures and updates are related to the rate reconciliation and income taxes paid disclosures, requiring (1) the consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the disclosures to its consolidated financial statements.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended Primary Markets June 30, 2024 June 30, 2024 Orlando, FL $ 33,010 $ 77,561 Houston, TX 28,718 59,315 San Diego, CA 26,941 49,631 Dallas, TX 20,172 40,876 Phoenix, AZ 15,801 38,933 Atlanta, GA 18,554 35,019 San Francisco/San Mateo, CA 14,071 28,183 Nashville, TN 15,927 27,272 Washington, DC-MD-VA 14,660 25,537 Portland, OR 13,614 25,386 Other 71,436 132,679 Total $ 272,904 $ 540,392 Three Months Ended Six Months Ended Primary Markets June 30, 2023 June 30, 2023 Orlando, FL $ 34,052 $ 74,460 Phoenix, AZ 24,912 62,385 Houston, TX 26,873 54,332 San Diego, CA 24,628 46,603 Dallas, TX 17,261 37,211 Atlanta, GA 16,974 32,475 Nashville, TN 17,338 28,305 San Francisco/San Mateo, CA 13,869 27,247 Washington, DC-MD-VA 13,142 24,049 Portland, OR 13,442 24,021 Other 68,575 128,951 Total $ 271,066 $ 540,039

Investment Properties (Tables)

Investment Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Acquisition and Disposition [Abstract]
Schedule of Purchase Price Allocation for Asset Acquisitions	The following represents the major classes of assets and liabilities associated with the property held for sale as of June 30, 2024 (in thousands): June 30, 2024 Land $ 4,365 Buildings and other improvements 37,247 Total $ 41,612 Less: accumulated depreciation (14,207) Net investment properties $ 27,405 Accounts and rents receivable, net of allowance for doubtful accounts 143 Other assets 486 Total assets held for sale $ 28,034 Accounts payable and accrued expenses 693 Other liabilities 341 Total liabilities associated with assets held for sale $ 1,034

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt as of June 30, 2024 and December 31, 2023 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date June 30, December 31, 2023 Mortgage Loans Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 $ 53,921 $ 54,522 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 107,053 108,111 Andaz Napa Fixed (2) 5.72 % 1/19/2028 55,000 55,000 Total Mortgage Loans 4.88 % (3) $ 215,974 $ 217,633 Corporate Credit Facilities 2023 Initial Term Loan Fixed (4) 5.65 % 3/1/2026 125,000 125,000 2023 Delayed Draw Term Loan Fixed (4) 5.65 % 3/1/2026 100,000 100,000 Revolving Line of Credit Variable (5) 7.23 % 1/11/2027 — — Total Corporate Credit Facilities $ 225,000 $ 225,000 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 464,747 464,747 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 500,000 Loan premiums, discounts and unamortized deferred financing costs, net (6) (10,397) (12,474) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.50 % (3) $ 1,395,324 $ 1,394,906 (1) The rates shown represent the annual interest rates as of June 30, 2024. 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) A variable interest loan for which the interest rate has been fixed with an interest rate swap to Term SOFR through January 1, 2027. (3) Represents the weighted-average interest rate as of June 30, 2024. (4) A variable interest loan for which the spread to Term SOFR has been fixed with interest rate swaps through mid-February 2025. (5) Commitments under the revolving line of credit total $450 million through maturity. The spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (6) 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- 2024 $ 1,696 4.59% 2025 469,178 6.36% 2026 280,381 5.43% 2027 102,388 4.64% 2028 52,078 5.72% Thereafter 500,000 4.88% Total Debt $ 1,405,721 5.50% Revolving Line of Credit (matures in 2027) — 7.23% Loan premiums, discounts and unamortized deferred financing costs, net (10,397) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,395,324 5.50%

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 December 31, 2023 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 $ 577 $ 75,000 $ 587 2023 Initial Term Loan Swap 3.87% 1-Month SOFR 5/10/2023 2/10/2025 50,000 379 50,000 380 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 50,000 394 50,000 388 2023 Delayed Draw Term Loan Swap 3.86% 1-Month SOFR 5/17/2023 2/17/2025 25,000 196 25,000 191 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 25,000 197 25,000 194 Mortgage Debt Swap 3.22% Daily SOFR 6/1/2023 1/1/2027 55,000 1,480 55,000 790 $ 280,000 $ 3,223 $ 280,000 $ 2,530
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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Income: Gain recognized in other comprehensive income Unrealized gain on interest rate derivative instruments $ 694 $ 5,906 $ 2,953 $ 5,906 Gain reclassified from accumulated other comprehensive income to net income Reclassification adjustment for amounts recognized in net income $ (1,128) $ (460) $ (2,260) $ (460) Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 20,245 $ 21,650 $ 40,603 $ 43,784

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 value is included in the condensed consolidated balance sheets as of as of June 30, 2024 and December 31, 2023 (in thousands): Fair Value Measurement Date June 30, 2024 December 31, 2023 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) $ 3,223 $ — $ 2,530 $ — (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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Total Mortgage and Term Loans $ 440,974 $ 426,751 $ 442,633 $ 425,858 Senior Notes 964,747 946,184 964,747 939,826 Revolving Line of Credit — — — — Total $ 1,405,721 $ 1,372,935 $ 1,407,380 $ 1,365,684

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Dividends Declared	The Company declared the following dividends during the six months ended June 30, 2024: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.12 March 31, 2024 March 28, 2024 April 15, 2024 $0.12 June 30, 2024 June 28, 2024 July 15, 2024

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to common stockholders $ 15,338 $ 13,792 $ 23,872 $ 20,072 Dividends paid on unvested share-based compensation (98) (66) (196) (133) Undistributed earnings attributable to unvested share-based compensation (7) (5) — — Net income available to common stockholders $ 15,233 $ 13,721 $ 23,676 $ 19,939 Denominator: Weighted-average shares outstanding - Basic 101,963,677 109,304,694 101,961,559 110,535,092 Effect of dilutive share-based compensation 385,305 207,168 395,557 233,510 Weighted-average shares outstanding - Diluted 102,348,982 109,511,862 102,357,116 110,768,602 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.15 $ 0.12 $ 0.23 $ 0.18

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units	The Compensation Committee of the Board of Directors approved the following awards of restricted stock units under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2024 2024 Restricted Stock Units 170,041 92,262 $ 11.35
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 2024 2024 LTIP Units 149,221 1,201,212 $ 7.48
Schedule of Unvested Incentive Awards	The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of June 30, 2024: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2023 316,500 2,160,198 2,476,698 Granted 262,303 1,397,795 1,660,098 Vested (2) (80,837) (156,207) (237,044) Forfeited (11,466) — (11,466) Unvested as of June 30, 2024 486,500 3,401,786 3,888,286 Weighted-average fair value of unvested shares/units $ 11.76 $ 8.32 $ 8.75 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units. (2)
Schedule of Assumptions for Performance Awards	The grant date fair value of performance-based units is determined based on a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Volatility Interest Rate Dividend Yield February 23, 2024 Absolute TSR Restricted Stock Units 25% $7.75 46.86% 4.57% - 5.31% 3.01% Relative TSR Restricted Stock Units 75% $7.74 46.86% 4.57% - 5.31% 3.01% Absolute TSR Class A LTIP Units 25% $7.81 46.86% 4.57% - 5.31% 3.01% Relative TSR Class A LTIP Units 75% $7.75 46.86% 4.57% - 5.31% 3.01%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Leases	The following is a summary of the Company's leases as of and for the six months ended June 30, 2024 (dollar amounts in thousands): June 30, 2024 Weighted-average remaining lease term, including reasonably certain extension options (1) 19 years Weighted-average discount rate 5.71% ROU asset (2) $ 17,307 Lease liability (3) $ 18,265 Operating lease rent expense $ 1,085 Variable lease costs 2,215 Total rent and variable lease costs $ 3,300 (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 June 30, 2024 (in thousands): Year Ending 2024 (excluding the six months ended June 30, 2024) $ 1,079 2025 2,172 2026 2,188 2027 2,204 2028 2,086 Thereafter 22,358 Total undiscounted lease payments $ 32,087 Less imputed interest (13,822) Lease liability (1) $ 18,265 (1)

Organization (Details)

Organization (Details)	Jun. 30, 2024 property market	Jun. 30, 2023 property
Organization [Line Items]
Number of top lodging markets for investing activity | market	25
Number of hotels operated | property	32	32
XHR LP (Operating Partnership)
Organization [Line Items]
Ownership by company (percent)	95.20%
Ownership by noncontrolling owners (percent)	4.80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue - Geographic Concentration Risk - Minimum	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Orlando, FL
Concentration Risk [Line Items]
Concentration risk (percent)	10%	10%
Phoenix, AZ
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 (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Winter Storms in Denver
Business Interruption Loss [Line Items]
Expense for hurricane-related cleanup	$ 0.1	$ 0.4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Insurance Recoveries (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Involuntary Conversion [Line Items]
Gain on business interruption insurance	$ 0	$ 0	$ 745	$ 0
Fire
Involuntary Conversion [Line Items]
Gain on business interruption insurance			700
Fire
Involuntary Conversion [Line Items]
Gain on business interruption insurance	$ 400	$ 500	$ 1,400	$ 500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Deferred financing costs related to revolving credit facility	$ 9.6	$ 9.6
Accumulated amortization of deferred financing costs related to revolving credit facility	6.3	5.7
Deferred financing costs related to long-term debt	24.3	24.3
Accumulated amortization of deferred financing costs related to long-term debt	$ 13.9	$ 11.8

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 272,904	$ 271,066	$ 540,392	$ 540,039
Orlando, FL
Disaggregation of Revenue [Line Items]
Revenues	33,010	34,052	77,561	74,460
Houston, TX
Disaggregation of Revenue [Line Items]
Revenues	28,718	26,873	59,315	54,332
San Diego, CA
Disaggregation of Revenue [Line Items]
Revenues	26,941	24,628	49,631	46,603
Dallas, TX
Disaggregation of Revenue [Line Items]
Revenues	20,172	17,261	40,876	37,211
Phoenix, AZ
Disaggregation of Revenue [Line Items]
Revenues	15,801	24,912	38,933	62,385
Atlanta, GA
Disaggregation of Revenue [Line Items]
Revenues	18,554	16,974	35,019	32,475
San Francisco/San Mateo, CA
Disaggregation of Revenue [Line Items]
Revenues	14,071	13,869	28,183	27,247
Nashville, TN
Disaggregation of Revenue [Line Items]
Revenues	15,927	17,338	27,272	28,305
Washington, DC-MD-VA
Disaggregation of Revenue [Line Items]
Revenues	14,660	13,142	25,537	24,049
Portland, OR
Disaggregation of Revenue [Line Items]
Revenues	13,614	13,442	25,386	24,021
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 71,436	$ 68,575	$ 132,679	$ 128,951

Investment Properties - Narrati

Investment Properties - Narrative (Details) - Lorien Hotel & Spa - Disposed of by sale $ in Millions	Jul. 09, 2024 USD ($)	Jun. 30, 2024 USD ($) room	May 31, 2024 USD ($) property
Disposition of Properties
Number of rooms in property		107	107
Sale price per agreement		$ 30	$ 30
Subsequent Event
Disposition of Properties
Gain on sale	$ 1.8
Proceeds from sale of property	$ 29.1

Investment Properties - Major C

Investment Properties - Major Classes of Assets and Liabilities Associated with Assets Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disposition of Properties
Total assets held for sale	$ 28,034	$ 0
Total liabilities associated with assets held for sale	1,034	$ 0
Held for Sale | Lorien Hotel & Spa
Disposition of Properties
Land	4,365
Buildings and other improvements	37,247
Total	41,612
Less: accumulated depreciation	(14,207)
Net investment properties	27,405
Accounts and rents receivable, net of allowance for doubtful accounts	143
Other assets	486
Total assets held for sale	28,034
Accounts payable and accrued expenses	693
Other liabilities	341
Total liabilities associated with assets held for sale	$ 1,034

Debt - Debt Instruments (Detail

Debt - Debt Instruments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted average interest rate (percent)	5.50%	5.47%
Balance outstanding	$ 1,405,721,000
Revolving Credit Facility	0
Loan premiums, discounts and unamortized deferred financing costs, net	(10,397,000)	$ (12,474,000)
Debt, net of loan premiums, discounts and unamortized deferred financing costs	1,395,324,000	1,394,906,000
Corporate Credit Facilities
Debt Instrument [Line Items]
Balance outstanding	$ 225,000,000	225,000,000
Credit spread adjustment (percent)	0.10%
Floor rate (percent)	0%
Mortgage Loans
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.88%
Balance outstanding	$ 215,974,000	217,633,000
Mortgage Loans | Grand Bohemian Hotel Orlando, Autograph Collection
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.53%
Balance outstanding	$ 53,921,000	54,522,000
Mortgage Loans | Marriott San Francisco Airport Waterfront
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.63%
Balance outstanding	$ 107,053,000	108,111,000
Mortgage Loans | Andaz Napa
Debt Instrument [Line Items]
Weighted average interest rate (percent)	5.72%
Balance outstanding	$ 55,000,000	55,000,000
Term Loans | 2023 Initial Term Loan
Debt Instrument [Line Items]
Weighted average interest rate (percent)	5.65%
Balance outstanding	$ 125,000,000	125,000,000
Term Loans | 2023 Delayed Draw Term Loan
Debt Instrument [Line Items]
Weighted average interest rate (percent)	5.65%
Balance outstanding	$ 100,000,000	100,000,000
Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)	7.23%
Revolving Credit Facility	$ 0	0
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	$ 0
Credit spread adjustment (percent)	0.10%
Floor rate (percent)	0%
Borrowing capacity commitment	$ 450,000,000
Secured Debt | 2020 Senior Notes $500M
Debt Instrument [Line Items]
Aggregate principal	$ 500,000,000
Weighted average interest rate (percent)	6.38%
Balance outstanding	$ 464,747,000	464,747,000
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)	Jun. 30, 2024 USD ($)
Mortgage Loans | Recourse
Debt Instrument [Line Items]
Aggregate principal	$ 0

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facilities Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Revolving line of credit	$ 0		$ 0
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%
Revolving line of credit	0		$ 0
Credit facility unused borrowing capacity fee	300,000	$ 400,000	700,000	$ 700,000
Interest expense	$ 0	$ 0	$ 0	$ 0
Revolving Credit Facility | Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread (percent)			1.45%
Revolving Credit Facility | Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread (percent)			2.75%

Debt - Debt Outstanding Narrati

Debt - Debt Outstanding Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Debt outstanding		$ 1,406	$ 1,407
Weighted average interest rate (percent)		5.50%	5.47%
Debt issuance costs, capitalized during the period	$ 5.6
Legal fees expense	$ 1.7
Number of mortgage loans repaid | loan	1
Write off of unamortized deferred financing cost	$ 1.1

Debt - Principal Payments and D

Debt - Principal Payments and Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Principal payments and debt maturities
2024	$ 1,696
2025	469,178
2026	280,381
2027	102,388
2028	52,078
Thereafter	500,000
Total Debt	1,405,721
Revolving Line of Credit (matures in 2027)	0
Loan premiums, discounts and unamortized deferred financing costs, net	(10,397)	$ (12,474)
Debt, net of loan premiums, discounts and unamortized deferred financing costs	$ 1,395,324	$ 1,394,906
Weighted-  Average Interest Rate
2024	4.59%
2025	6.36%
2026	5.43%
2027	4.64%
2028	5.72%
Thereafter	4.88%
Total Debt	5.50%
Revolving Line of Credit (matures in 2027)	7.23%
Debt, net of loan premiums, discounts and unamortized deferred financing costs	5.50%	5.47%

Derivatives - Derivative Financ

Derivatives - Derivative Financial Instruments (Details) - Cash Flow Hedge - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amounts	$ 280,000	$ 280,000
Estimated Fair Value	$ 3,223	2,530
Mortgage Debt One
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 75,000	75,000
Estimated Fair Value	$ 577	587
Mortgage Debt Two
Derivative [Line Items]
Fixed Rate	3.87%
Notional Amounts	$ 50,000	50,000
Estimated Fair Value	$ 379	380
Mortgage Debt Three
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 50,000	50,000
Estimated Fair Value	$ 394	388
Mortgage Debt Four
Derivative [Line Items]
Fixed Rate	3.86%
Notional Amounts	$ 25,000	25,000
Estimated Fair Value	$ 196	191
Mortgage Debt Five
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 25,000	25,000
Estimated Fair Value	$ 197	194
Mortgage Debt Six
Derivative [Line Items]
Fixed Rate	3.22%
Notional Amounts	$ 55,000	55,000
Estimated Fair Value	$ 1,480	$ 790

Derivatives - Recognized Gain (

Derivatives - Recognized Gain (Loss) on Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain recognized in other comprehensive income	$ 694	$ 5,906	$ 2,953	$ 5,906
Gain reclassified from accumulated other comprehensive income to net income	(1,128)	(460)	(2,260)	(460)
Interest expense	$ 20,245	$ 21,650	$ 40,603	$ 43,784

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Expected reclassification from accumulated OCI to interest expense in next twelve months	$ 2.7

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - Interest Rate Swaps - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Observable Inputs (Level 2)
Other assets
Interest rate swaps	$ 3,223	$ 2,530
Significant Unobservable Inputs (Level 3)
Other assets
Interest rate swaps	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Term Loans	$ 440,974	$ 442,633
Senior Notes	964,747	964,747
Total	1,405,721	1,407,380
Carrying Value | Revolving Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving Line of Credit	0	0
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Term Loans	426,751	425,858
Senior Notes	946,184	939,826
Total	1,372,935	1,365,684
Estimated Fair Value | Revolving Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving Line of Credit	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Jun. 30, 2024	Dec. 31, 2023
Level 2 | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average effective interest rate (percent)	0.0621	0.0609

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Loss Carryforwards [Line Items]
Estimated federal and state combined effective rate (percent)	(33.25%)	23.68%	(33.25%)	23.68%
Income tax expense (benefit)	$ (4,146)	$ 1,803	$ (3,418)	$ 7,021
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Decrease in valuation allowance	$ 5,000		$ 5,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Aggregate offering price of common stock authorized under ATM agreement	$ 200,000
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
Shares repurchased (in shares)			468,107	4,445,708
Shares repurchased, weighted average price (in dollars per share)			$ 13.51	$ 13.20
Repurchase of common shares			$ 6,324	$ 58,694
Repurchase Program
Class of Stock [Line Items]
Repurchase of common shares			6,300	$ 58,700
Remaining share repurchase authorization	127,400		127,400
Other Assets
Class of Stock [Line Items]
Offering costs	$ 400		$ 400		$ 300

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Dividends, common shares / units (in dollars per share)	$ 0.12	$ 0.12	$ 0.10	$ 0.24	$ 0.20

Stockholders' Equity - Non-cont

Stockholders' Equity - Non-controlling Interest of Common Units in Operating Partnership (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Common limited partnership units redeemed for cash (in shares)	42,826
Cash paid for redemption of common limited partnership units	$ 655	$ 0
XHR LP (Operating Partnership)
Class of Stock [Line Items]
Ownership by noncontrolling owners (percent)	4.80%
LTIP Units
Class of Stock [Line Items]
Number of units outstanding, vested and nonvested (in shares)	5,136,969
Number of vested units (in shares)	1,735,183
LTIP Units converted into common limited partnership units (in shares)	42,826
Conversion rate (in shares)	1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to common stockholders	$ 15,338	$ 13,792	$ 23,872	$ 20,072
Dividends paid on unvested share-based compensation	(98)	(66)	(196)	(133)
Undistributed earnings attributable to unvested share-based compensation	(7)	(5)	0	0
Net income available to common stockholders, basic	15,233	13,721	23,676	19,939
Net income available to common stockholders, diluted	$ 15,233	$ 13,721	$ 23,676	$ 19,939
Denominator:
Weighted-average shares outstanding - Basic (in shares)	101,963,677	109,304,694	101,961,559	110,535,092
Effect of dilutive share-based compensation (in shares)	385,305	207,168	395,557	233,510
Weighted-average shares outstanding - Diluted (in shares)	102,348,982	109,511,862	102,357,116	110,768,602
Basic and diluted earnings per share:
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.15	$ 0.12	$ 0.23	$ 0.18
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.15	$ 0.12	$ 0.23	$ 0.18

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Grants (Details) - $ / shares		1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 23, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,660,098
Restricted Stock Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				262,303
Weighted average grant date fair value (in dollars per share)		$ 11.35
Time-Based Restricted Stock Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		170,041
Performance-Based Restricted Stock Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		92,262
Time-Based LTIP Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		149,221
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%
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 - LTIP

Share-Based Compensation - LTIP Unit Grants (Details) - $ / shares		1 Months Ended		3 Months Ended	6 Months Ended
	Feb. 23, 2024	May 31, 2024	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					1,660,098
LTIP Units | Non Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		47,362
Weighted average grant date fair value (in dollars per share)		$ 14.78
LTIP Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					1,397,795
Weighted average grant date fair value (in dollars per share)			$ 7.48
Time-Based LTIP Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			149,221
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]
Quarterly per-unit distribution on non-vested awards as percentage of distribution on common units in the operating partnership (percent)				10%
Performance-Based Class A LTIP Units | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,201,212
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unvested incentive awards
Unvested as of beginning of period (in shares)	2,476,698
Granted (in shares)	1,660,098
Vested (in shares)	(237,044)
Forfeited (in shares)	(11,466)
Unvested as of end of period (in shares)	3,888,286
Weighted average fair value of unvested shares/units (in dollars per share)	$ 8.75
Common Stock
Unvested incentive awards
Shares withheld upon settlement of awards to satisfy minimum tax withholding requirements (in shares)	21,642	17,613
Restricted Stock Units
Unvested incentive awards
Forfeited (in shares)	(11,466)
LTIP Units
Unvested incentive awards
Forfeited (in shares)	0
2015 Incentive Award Plan | Restricted Stock Units
Unvested incentive awards
Unvested as of beginning of period (in shares)	316,500
Granted (in shares)	262,303
Vested (in shares)	(80,837)
Unvested as of end of period (in shares)	486,500
Weighted average fair value of unvested shares/units (in dollars per share)	$ 11.76
2015 Incentive Award Plan | LTIP Units
Unvested incentive awards
Unvested as of beginning of period (in shares)	2,160,198
Granted (in shares)	1,397,795
Vested (in shares)	(156,207)
Unvested as of end of period (in shares)	3,401,786
Weighted average fair value of unvested shares/units (in dollars per share)	$ 8.32

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares		3 Months Ended
	Feb. 23, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value by component (in dollars per share)		$ 8.75
Absolute TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	25%
Grant date fair value by component (in dollars per share)	$ 7.75
Volatility	46.86%
Interest rate, minimum	4.57%
Interest rate, maximum	5.31%
Dividend Yield	3.01%
Relative TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	75%
Grant date fair value by component (in dollars per share)	$ 7.74
Volatility	46.86%
Interest rate, minimum	4.57%
Interest rate, maximum	5.31%
Dividend Yield	3.01%
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)	$ 7.81
Volatility	46.86%
Interest rate, minimum	4.57%
Interest rate, maximum	5.31%
Dividend Yield	3.01%
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)	$ 7.75
Volatility	46.86%
Interest rate, minimum	4.57%
Interest rate, maximum	5.31%
Dividend Yield	3.01%

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation costs	$ 16.8		$ 16.8
Unrecognized compensation costs period for recognition	1 year 11 months 23 days
Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.7	$ 0.7	0.7	$ 0.7
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	4	3.3	7.9	5.9
Management | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation capitalized amount	$ 0.2	$ 0.1	$ 0.3	$ 0.2

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Leases
Weighted-average remaining lease term, including reasonably certain extension options	19 years
Weighted-average discount rate	5.71%
ROU asset	$ 17,307
Lease liability	18,265
Operating lease rent expense	1,085
Variable lease costs	2,215
Total rent and variable lease costs	$ 3,300
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	Jun. 30, 2024 USD ($)
Remaining Lease Payments
2024 (excluding the six months ended June 30, 2024)	$ 1,079
2025	2,172
2026	2,188
2027	2,204
2028	2,086
Thereafter	22,358
Total undiscounted lease payments	32,087
Less imputed interest	(13,822)
Lease liability	$ 18,265

Commitments and Contingencies_3

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) renewal_period	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) renewal_period	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Restricted cash and escrows	$ 61,490	$ 61,021	$ 61,490	$ 61,021	$ 58,350
Renovations at Certain Hotel Properties
Other Commitments [Line Items]
Commitments outstanding with third parties	70,200		70,200
Hotel Furniture, Fixtures, and Equipment Reserves
Other Commitments [Line Items]
Restricted cash and escrows	55,900		55,900		$ 49,700
Management and Franchise Fees
Other Commitments [Line Items]
Management and franchise fees	$ 9,651	$ 9,226	$ 20,284	$ 19,415
Management Agreements for Brand-Managed Hotels
Other Commitments [Line Items]
Agreement average remaining term assuming all renewal periods exercised (in years)	26 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)	5 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 term (in years)	20 years
Agreement average remaining initial term (in years)	9 years

Subsequent Events (Details)

Subsequent Events (Details) - Disposed of by sale - Lorien Hotel & Spa $ in Millions	Jul. 09, 2024 USD ($)	Jun. 30, 2024 USD ($) room	May 31, 2024 USD ($) property
Subsequent Event [Line Items]
Number of rooms in property		107	107
Sale price per agreement		$ 30	$ 30
Subsequent Event
Subsequent Event [Line Items]
Gain on sale	$ 1.8
Proceeds from sale of property	$ 29.1