Acquisition and Disposition of Hotel Properties |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition and Disposition of Hotel Properties | Acquisition and Disposition of Hotel Properties Acquisitions The Company did not acquire any hotel properties during the nine months ended September 30, 2026 or 2025. Dispositions The following table summarizes disposition transactions during 2026 and 2025 (in thousands):
The Company received $26.1 million of the sales price of the Chamberlain West Hollywood Hotel in the form of 1,347,614 preferred shares and received $4.0 million of the sales price of the Montrose at Beverly Hills in the form of 208,447 preferred shares. For the three and nine months ended September 30, 2026, the accompanying consolidated statements of operations and comprehensive income included operating (loss) of $(0.4) million and $(0.6) million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold or held for sale. For the three and nine months ended September 30, 2025, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $2.7 million and $(0.6) million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold or held for sale. The sales of the hotel properties described above did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore, did not qualify as discontinued operations. Held for Sale As of September 30, 2026, the Company had entered into an agreement to sell The Hotel Zags for a sales price of $10.0 million. This hotel was classified as held for sale and, as a result, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying consolidated balance sheets and ceased depreciating its assets. On October 8, 2026, the Company completed the sale of The Hotel Zags.
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