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Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
June 30, 2026December 31, 2025
Land and improvements$1,117,792 $1,123,123 
Buildings and improvements4,212,614 4,199,471 
Furniture, fixtures and equipment883,575 873,410 
6,213,981 6,196,004 
Accumulated depreciation(2,166,664)(2,083,617)
Investment in hotel properties, net$4,047,317 $4,112,387 
 
For the three and six months ended June 30, 2026, the Company recognized depreciation expense related to its investment in hotel properties of approximately $47.4 million and $94.4 million, respectively. For the three and six months ended June 30, 2025, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.2 million and $91.9 million, respectively.