Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):


												Three Months Ended March 31,
																		2026						2025
REVENUE
Rooms																		$	200,025					$	206,301
Food and beverage																		51,570						54,529
Other hotel revenue																		15,983						16,220
Total hotel revenue																		267,578						277,050


EXPENSES
Rooms																		46,190						47,790
Food and beverage																		34,300						35,726
Direct expenses																		2,053						2,193
Indirect expenses:
Property, general and administration																		23,642						24,841
Sales and marketing																		27,549						28,970
Information and telecommunications systems																		4,301						4,718
Repairs and maintenance																		12,488						13,389
Energy																		10,408						10,125
Lease expense																		1,168						1,263
Ownership expenses																		584						589
Incentive management fee																		4,189						3,666
Management fees																		9,184						9,578
Property taxes																		9,154						10,094
Other taxes (refunds)																		120						119
Insurance																		5,443						5,516
Total expenses																		190,773						198,577
Hotel adjusted EBITDA																		$	76,805					$	78,473


												Three Months Ended March 31,
																		2026						2025
Reconciliation of hotel adjusted EBITDA to net income (loss)











Hotel adjusted EBITDA																		$	76,805					$	78,473
Other revenue																		154						309


Ownership expenses included in food and beverage expense																		(83)						—
Ownership expenses included in other hotel expenses																		(4,891)						(5,356)
Ownership expenses included in property taxes, insurance and other																		(177)						(320)
Management fees																		(100)						(270)
Depreciation and amortization																		(32,006)						(37,339)
Impairment charges																		(112,649)						—
Advisory services fee																		(20,023)						(11,545)

Corporate, general, and administrative																		(1,602)						(4,332)
Gain (loss) on disposition of assets and hotel properties																		100,030						31,868
Gain (loss) on derecognition of assets																		7,790						10,046
Equity in earnings (loss) of unconsolidated entities																		(202)						(431)
Interest income																		922						1,214
Other income (expense), net																		3,223						—
Interest expense and amortization of discounts and loan costs																		(73,554)						(66,802)
Interest expense associated with hotels in receivership																		(7,820)						(10,046)
Write-off of premiums, loan costs and exit fees																		(1,254)						(4,597)
Gain (loss) on extinguishment of debt																		(25)						(13)

Realized and unrealized gain (loss) on derivatives																		757						(2,740)
Income tax (expense) benefit																		(752)						(317)
Net income (loss)																		$	(65,457)					$	(22,198)

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following table reconciles segment total revenue to total consolidated revenue:


									Three Months Ended March 31,
															2026						2025


Consolidated total hotel revenue															$	267,578					$	277,050
Other revenue															154						309
Total consolidated revenue															$	267,732					$	277,359