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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
Investment in hotel properties as of September 30, 2026 and December 31, 2025 consisted of the following (in thousands):
September 30, 2026December 31, 2025
Land$717,409 $754,384 
Buildings and improvements4,889,595 4,995,530 
Furniture, fixtures and equipment526,109 526,414 
Finance lease asset91,181 91,181 
Construction in progress3,703 1,203 
$6,227,997 $6,368,712 
Right-of-use asset, operating leases349,517 353,873 
Investment in hotel properties$6,577,514 $6,722,585 
Less: Accumulated depreciation(1,810,477)(1,699,128)
Investment in hotel properties, net$4,767,037 $5,023,457 
Impairment
The Company reviews its investment in hotel properties for impairment whenever events or circumstances indicate potential impairment. The Company periodically adjusts its estimate of future operating cash flows and estimated hold periods for certain properties. As a result of this review, the Company may identify an impairment trigger has occurred and assess its investment in hotel properties for recoverability.
During the nine months ended September 30, 2026, the Company recognized an impairment loss of $86.1 million related to four hotel properties. During the nine months ended September 30, 2025, the Company recognized an impairment loss of $46.5 million related to three hotel properties. The impairment losses were a result of the properties' fair values being lower than their carrying values. The fair values were determined using Level 2 inputs under authoritative guidance for fair value measurements using updated expected hold periods and marketing efforts and negotiations for the sale of these properties.
Lease Assets and Lease Liabilities
The Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. When the rate implicit in the lease could not be determined, the Company used incremental borrowing rates, which ranged from 4.7% to 7.6%. In addition, the term used includes any options to exercise extensions when it is reasonably certain the Company will exercise such option. See Note 11. Commitments and Contingencies for additional information about the ground leases.
The operating lease right-of-use assets and liabilities are amortized to ground rent expense over the term of the underlying lease agreements. As of September 30, 2026, the Company's lease liabilities consisted of operating lease liabilities of $335.7 million and finance lease liabilities of $45.0 million. As of December 31, 2025, the Company's lease liabilities consisted of operating lease liabilities of $333.1 million and finance lease liabilities of $44.6 million. The finance lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company's accompanying consolidated balance sheets.