v3.26.1
Incentive Award Plan (Tables)
 3 Months Ended
Mar. 31, 2026
Incentive Award Plan  
Schedule of amortization expense and forfeitures related to restricted shares

As of both March 31, 2026 and 2025, the Company’s issued and outstanding awards consisted of both time-based and performance-based restricted stock grants. The Company’s amortization expense, including forfeitures related to restricted shares was as follows (unaudited and in thousands):

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Three Months Ended March 31,

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2026

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2025

Amortization expense, including forfeitures

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$

1,889

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$

2,064

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Capitalized compensation cost (1)

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$

149

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$

172

(1)The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels.
Schedule of share based payment award performance awards valuation assumptions The grant date fair values of the restricted stock units were determined using a Monte Carlo simulation model with the following assumptions:

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Expected volatility

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30.0

%

Dividend yield (1)

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—

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Risk-free rate

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3.64

%

Expected term

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3 years

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(1)Dividend equivalents are assumed to be reinvested in shares of the Company’s common stock and dividend equivalents will only be paid to the extent the award vests.
Restricted Stock [Member]  
Incentive Award Plan  
Schedule of non-vested restricted stock grant activity

The Company’s restricted stock awards are time-based restricted shares that generally vest over periods ranging from three years to five years from the date of grant. The following is a summary of non-vested restricted stock award activity:

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Weighted-Average

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Grant Date

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Number of Shares

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Fair Value

Unvested at January 1, 2026

 

685,065

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$

10.84

Granted

 

437,675

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$

9.28

Vested

 

(307,140)

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$

10.89

Unvested at March 31, 2026

 

815,600

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$

9.98
Performance Shares [Member]  
Incentive Award Plan  
Schedule of non-vested restricted stock grant activity The following is a summary of non-vested restricted stock unit activity at target performance:

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Weighted-Average

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Target Number

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Grant Date

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of Shares

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Fair Value

Unvested at January 1, 2026

 

1,435,732

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$

10.77

Granted

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575,968

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$

8.52

Vested

 

(352,033)

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$

11.07

Forfeited

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(49,830)

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$

11.07

Unvested at March 31, 2026

 

1,609,837

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$

9.89