v3.26.1
Segment Reporting - Schedule of Reconciliation of Operating Income (Loss) to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Depreciation and amortization (141,295) (152,776) (187,807)
Impairment charges (67,648) (59,331) 0
Advisory services fee (49,039) (58,606) (48,927)
Corporate, general, and administrative (20,783) (24,662) (16,181)
Gain (loss) on disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense), net 0 108 310
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 1,534 2,325 2,801
Rooms      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 825,623 889,753 1,059,155
Food and beverage      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 207,588 212,581 232,829
Other hotel      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 69,643 67,800 72,748
Direct Hotel Investments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Hotel adjusted EBITDA 302,625 314,692 383,274
Depreciation and amortization (141,295) (152,776) (187,807)
Impairment charges (67,648) (59,331) 0
Advisory services fee (49,039) (58,606) (48,927)
Corporate, general, and administrative (20,783) (24,662) (16,181)
Gain (loss) on disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense), net 0 108 310
Interest expense and amortization of discounts and loan costs (256,229) (273,359) (326,970)
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
Direct Hotel Investments | Other      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 1,534 2,325 2,801
Direct Hotel Investments | Rooms      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 825,623 889,753 1,059,155
Cost of goods and service, adjusted (104) 0 0
Direct Hotel Investments | Food and beverage      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 207,588 212,581 232,829
Ownership expenses included in property taxes, insurance and other (504) 0 0
Direct Hotel Investments | Other hotel      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue 69,643 67,800 72,748
Cost of goods and service, adjusted (28,915) (24,127) (12,457)
Direct Hotel Investments | Management Fees      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Cost of goods and service, adjusted (520) (863) (491)
Ownership expenses included in property taxes, insurance and other $ 2,211 $ 973 $ (1,257)