| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDAre for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations, which the CODM uses to manage its business, such as how to allocate capital to its hotels and how to determine the Company’s acquisition and disposition strategies (in thousands): | | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | Revenues | | | | | | | Total revenues | | $ | 234,065 | | $ | 217,166 | | | | | | | | Operating Expenses | | | | | | | Room | | | 38,266 | | | 35,551 | Food and beverage | | | 47,891 | | | 44,315 | Other operating | | | 5,771 | | | 5,944 | Advertising and promotion | | | 12,501 | | | 12,132 | Repairs and maintenance | | | 9,537 | | | 8,710 | Utilities | | | 6,741 | | | 5,944 | Franchise costs | | | 4,459 | | | 4,205 | Property tax, ground lease and insurance | | | 19,029 | | | 19,104 | Other property-level expenses (1) | | | 29,098 | | | 28,966 | | | | 173,293 | | | 164,871 | | | | | | | | Hotel Adjusted EBITDAre | | $ | 60,772 | | $ | 52,295 |
| | | | | | | | | Three Months Ended March 31, | | | 2025 | | 2024 | Reconciliation of Hotel Adjusted EBITDAre to Net Income | | | | | | | Hotel Adjusted EBITDAre | | $ | 60,772 | | $ | 52,295 | Non-hotel operating expenses, net (2) | | | 7 | | | (10) | Pre-opening expenses (3) | | | (3,253) | | | — | Property-level COVID-19 relief grant (3) | | | — | | | 1,343 | Taxes assessed on commercial rents (3) | | | (163) | | | (99) | Amortization of right-of use assets and obligations | | | 288 | | | 288 | Corporate overhead | | | (8,905) | | | (7,518) | Depreciation and amortization | | | (32,275) | | | (29,040) | Interest and other income | | | 1,564 | | | 5,453 | Interest expense | | | (12,682) | | | (11,010) | Gain on sale of assets, net | | | — | | | 457 | Gain on extinguishment of debt | | | — | | | 21 | Income tax (provision) benefit, net | | | (98) | | | 855 | Net income | | $ | 5,255 | | $ | 13,035 |
| (1) | Other property-level expenses include property-level general and administrative expenses, such as payroll, benefits, and other employee-related expenses, contract and professional fees, credit and collection expenses, employee recruitment, relocation and training expenses, labor dispute expenses, consulting fees, management fees, and other expenses. |
| (2) | Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024, and include corporate-level current year property taxes and insurance, as well as any prior year property taxes assessed on sold hotels, net of any refunds received. |
| (3) | When assessing a hotel’s operating performance, the CODM excludes certain items that are not indicative of the ongoing operating performance of the Company’s hotels, such as pre-opening expenses associated with extensive renovation projects such as the work being performed at Andaz Miami Beach, property-level grants, and taxes assessed on commercial rents. |
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