Investments in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2025

Investments in hotel properties, net consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Land	$	410,460	$	437,567
Buildings and improvements	2,444,715		2,700,234
Furniture, fixtures and equipment	171,635		171,762
Construction in progress	24,937		23,254

Hilton Marietta finance lease	17,269		17,269
Total cost	3,069,016		3,350,086
Accumulated depreciation	(983,772)		(1,030,879)
Investments in hotel properties, net	$	2,085,244	$	2,319,207