v3.26.1
Dispositions, Impairment Charges and Assets Held For Sale (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale
The following table presents the relevant information related to the Company’s dispositions of hotel properties and the related gains or losses on sale for the six months ended June 30, 2026 (in thousands):
PropertyLocationDate
Sale Price (1)
Gain (Loss) on Sale (2)
Embassy Suites Houston
Houston, TX
February 9, 2026$13,500 $4,855 
Embassy Suites AustinAustin, TXFebruary 17, 202613,500 4,248 
Hilton St. Petersburg BayfrontSt. Petersburg, FLMarch 5, 202696,000 80,189 
La Posada de Santa FeSanta Fe, NMMarch 17, 202657,500 13,188 
Hilton Alexandria Old TownAlexandria, VAMarch 31, 202658,000 (2,289)
Embassy Suites Palm Beach GardensPalm Beach Gardens, FLApril 7, 202641,000 21,857 
Embassy Suites DallasDallas, TXMay 6, 202617,000 4,941 
Lakeway Resort & SpaAustin, TXMay 19, 202637,750 15,237 
Sheraton Indianapolis City CentreIndianapolis, INMay 21, 202632,100 (620)
Silversmith HotelChicago, ILJune 1, 202616,000 105 
Sheraton San Diego Mission ValleySan Diego, CAJune 9, 202645,250 9,104 
Hilton Garden Inn JacksonvilleJacksonville, FLJune 11, 202611,300 4,240 
Hilton Garden Inn Austin DowntownAustin, TXJune 18, 202626,850 6,040 
Hyatt Regency SavannahSavannah, GAJune 30, 2026158,000 89,339 
Other (358)
Total$250,076 
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(1)    Sale price is prior to adjustments and buyer credits.
(2)    Gain (loss) on sale of hotel properties is reported within “gain (loss) on disposition of assets and hotel properties” in the Company’s consolidated statement of operations.
The following table includes condensed financial information from the Company’s dispositions (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total hotel revenue
$26,902 $65,347 $72,811 $125,990 
Total hotel expenses
(17,965)(43,050)(49,655)(83,569)
Property taxes, insurance and other(1,429)(3,712)(4,638)(7,772)
Depreciation and amortization(2,504)(8,808)(8,539)(18,139)
Impairment charges— (1,447)(33,101)(1,447)
Total operating expenses(21,898)(57,017)(95,933)(110,927)
Gain (loss) on disposition of assets and hotel properties
150,046 6,684 250,076 38,552 
Gain (loss) on derecognition of assets
6,828 9,900 14,618 19,946 
Operating income (loss)161,878 24,914 241,572 73,561 
Interest income— 26 — 50 
Interest expense and amortization of discounts and loan costs(5,306)(14,565)(15,059)(31,383)
Interest expense associated with hotels in receivership
(7,607)(10,454)(15,427)(20,846)
Write-off of premiums, loan costs and exit fees(127)(877)(519)(1,599)
Gain (loss) on extinguishment of debt(1,950)— (1,975)— 
Income (loss) before income taxes146,888 (956)208,592 19,783 
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(2,071)15 (2,962)(324)
Net income (loss) attributable to the Company$144,817 $(941)$205,630 $19,459 
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheets were as follows:
June 30, 2026December 31, 2025
Assets
Investments in hotel properties, gross
$85,594 $34,818 
Accumulated depreciation
(22,475)(17,391)
Investments in hotel properties, net63,119 17,427 
Cash and cash equivalents2,445 671 
Accounts receivable, net2,226 127 
Inventories110 45 
Deferred costs, net80 10 
Operating lease right-of-use assets601 — 
Prepaid expenses and other assets
2,292 198 
Due from related party, net(802)— 
Assets held for sale$70,071 $18,478 
Liabilities
Indebtedness, net$68,368 $38,820 
Accounts payable and accrued expenses4,752 2,044 
Accrued interest284 354 
Due to related parties, net — 9 
Operating lease liabilities601 — 
Due to Ashford Inc., net
808 65 
Liabilities related to assets held for sale$74,813 $41,292 
Schedule of Hotel Fair Value as a Result of Impairment Charges
The following table presents the impairment charges of our hotel properties for the six months ended June 30, 2026 (in thousands):
Impairment Charges
Silversmith Hotel$2,875 
Hyatt Regency Long Island
1,233 
Sheraton Indianapolis City Centre8,582 
Hilton Garden Inn Austin Downtown21,645 (1)
Hilton Minneapolis St. Paul Airport22,275 
Embassy Suites Portland12,738 
Embassy Suites Crystal City4,936 
Hilton Parsippany31,014 
Hampton Inn Parsippany7,351 
Total Impairment Charges$112,649 
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(1)    The impairment charge included $2.6 million related to operating lease right-of-use assets associated with the property