RELATED PARTY TRANSACTION |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTION | RELATED PARTY TRANSACTION In June 2026, our GIC Joint Venture acquired an approximately one acre undeveloped parcel of land in Frisco, Texas for $1.4 million from an entity affiliated with Mehulkumar B. Patel, a member of our Board of Directors (the “Related Party Transaction”). The parcel is adjacent to the three GIC Joint Venture owned lodging properties in Frisco, TX that were acquired as part of the NCI Transaction. The purchase price was negotiated based on an independent third-party appraisal, which used market participant assumptions and valuation techniques consistent with ASC No. 820 - Fair Value Measurement, including consideration of comparable market data and the asset’s highest and best use. As such, we believe that the terms of the Related Party Transaction were consistent with market rates. Furthermore, the Related Party Transaction was reviewed and approved by our Board of Directors in accordance with our related party transaction policy. We have no continuing obligations related to the seller.
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