Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Schedule of basic and incentive management fees

Total basic management and incentive management fees were included in other property-level expenses on the accompanying consolidated statements of operations as follows (unaudited and in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Basic management fees		$	7,741		$	7,117		$	15,045		$	13,514
Incentive management fees			1,606			1,726			3,187			3,311
Total basic and incentive management fees		$	9,347		$	8,843		$	18,232		$	16,825

Schedule of license and franchise costs

Total license and franchise fees were included in franchise costs on the accompanying consolidated statements of operations as follows (unaudited and in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Franchise assessments (1)		$	4,766		$	4,541		$	9,183		$	8,602
Franchise royalties			194			302			362			700
Total franchise costs		$	4,960		$	4,843		$	9,545		$	9,302

(1)

Includes advertising, reservation and frequent guest program assessments.

Schedule of hotel geographic concentration of risk

As of June 30, 2026, the Company’s held for investment hotels were geographically concentrated as follows (unaudited):


						Trailing 12-Month
				Percentage of		Total Consolidated
		Number of Hotels		Total Rooms		Revenue
Southern California		2		25	%	23	%
Northern California		2		3	%	13	%
Florida		3		20	%	18	%
Hawaii		1		9	%	16	%
Washington, DC		1		13	%	11	%