v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer.

The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment.

The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, amenity fees, gift shop sales and other guest service fees at the Company’s hotel properties.

The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense, adjusted for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.
The following table presents information about profit or loss for the hotel segment:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Revenues      
Room revenue$311,760 $296,101 $587,017 $563,755 
Food and beverage revenue43,735 41,934 83,452 79,447 
Other revenue27,493 25,068 52,496 48,020 
Total revenues382,988 363,103 722,965 691,222 
Operating expenses      
Room expense77,931 74,565 150,663 145,416 
Food and beverage expense32,093 30,375 62,855 59,664 
Management and franchise fee expense29,321 28,393 54,395 53,595 
Other operating expenses99,727 92,787 196,153 184,498 
Total operating expenses239,072 226,120 464,066 443,173 
Property tax, insurance and other26,784 26,490 53,756 53,693 
Other, net (1)(2,485)(2,895)(4,397)(4,943)
Hotel EBITDA$119,617 $113,388 $209,540 $199,299 

(1)    Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Income before income tax expense$31,614 $28,970 $31,529 $32,436 
Depreciation and amortization47,496 46,363 94,691 92,151 
Interest expense, net of interest income24,851 24,515 49,590 48,812 
General and administrative13,424 11,138 26,403 23,784 
Loss (gain) on sale of hotel properties, net116 378 3,763 (943)
Other, net2,116 2,024 3,564 3,059 
Hotel EBITDA$119,617 $113,388 $209,540 $199,299 

A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.