v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have investments in lodging properties located in 24 states. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our Chief Operating Decision Maker (“CODM”), evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distribute their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in “Note 2 - Basis of Presentation and Significant Accounting Policies” to the Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.

Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Lodging property revenues:
Room$176,137 $170,599 $338,701 $334,330 
Food and beverage11,098 11,195 22,558 22,185 
Other11,784 11,123 22,813 20,880 
Total revenues199,019 192,917 384,072 377,395 
Lodging property expenses:
Room39,352 39,166 75,699 75,298 
Sales and marketing25,502 24,807 49,485 48,557 
Administrative and general15,061 14,833 29,594 29,328 
Property taxes, insurance and other13,571 13,706 27,455 27,017 
Food and beverage8,480 8,388 17,000 16,379 
Property operations & maintenance8,053 8,256 15,882 16,077 
Utility costs7,207 6,931 14,837 13,969 
Management fees4,366 4,411 8,587 8,906 
Other lodging property expenses4,848 4,116 9,523 7,934 
Total lodging property expenses
126,440 124,614 248,062 243,465 
Hotel EBITDA
$72,579 $68,303 $136,010 $133,930 
A reconciliation of Income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income from continuing operations before income taxes$8,305 $3,215 $3,284 $4,592 
Adjusted for:
Depreciation and amortization36,413 37,259 73,187 74,489 
Corporate general and administrative7,415 8,280 16,260 16,851 
Loss on write-down of assets— — 3,641 — 
(Gain) loss on disposal of assets, net(134)80 (94)79 
Interest expense22,068 20,628 42,518 40,584 
Interest income(301)(301)(547)(577)
Other income, net(1,187)(858)(2,239)(2,088)
Hotel EBITDA
$72,579 $68,303 $136,010 $133,930