| Schedule of 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, 2026 | | December 31, 2025 | | Land | $ | 717,409 | | | $ | 754,384 | | | Buildings and improvements | 4,889,595 | | | 4,995,530 | | | Furniture, fixtures and equipment | 526,109 | | | 526,414 | | | Finance lease asset | 91,181 | | | 91,181 | | | Construction in progress | 3,703 | | | 1,203 | | | $ | 6,227,997 | | | $ | 6,368,712 | | | Right-of-use asset, operating leases | 349,517 | | | 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 | |
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