
	September 30, 2026		December 31, 2025
Lodging buildings and improvements	$	2,830,692	$	2,885,464
Land	402,947		410,692
Furniture, fixtures and equipment	299,323		308,621
Construction in progress	37,552		26,111
Intangible assets	32,142		32,267
Real estate development loan	4,576		4,576
	3,607,232		3,667,731
Less accumulated depreciation and amortization	(1,084,431)		(1,027,364)
	$	2,522,801	$	2,640,367

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $35.9 million and $37.5 million for the three months ended September 30, 2026 and 2025, respectively, and $108.8 million and $111.6 million for the nine months ended September 30, 2026 and 2025, respectively.

In April 2026, we entered into a purchase and sale agreement to sell the 103-guestroom Courtyard by Marriott, Dallas (Arlington South), TX and the 96-guestroom Residence Inn by Marriott, Dallas (Arlington South), TX for a combined selling price of $19.0 million. We reclassified the properties to Assets held for sale, net at March 31, 2026 since the reclassification criteria were met. Upon reclassification, we also recorded a write-down of $3.6 million to reduce the carrying amount of the properties to the aggregate net selling price less estimated costs to sell. The write-down was recorded as Loss on write-down of assets in our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2026. We completed the sale of the properties on July 22, 2026 in accordance with the terms described above. The net selling price of the properties approximated their aggregate net book value on the closing date.

In November 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 122-guestroom Hilton Garden Inn, Longview, TX for a selling price of $12.3 million. At December 31, 2025, we reclassified the carrying amount of the property to Assets held for sale, net and recorded a write-down of $1.8 million for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 20, 2026 in accordance with the terms described above. The net selling price of the lodging property approximated its net book value on the closing date.

We owned a 5.99-acre parcel of undeveloped land in San Antonio, TX that was classified as Assets held for sale, net at December 31, 2024. In February 2025, we closed on the sale of the parcel of undeveloped land for $1.3 million, which approximated its carrying amount.

In August 2026, we entered into a purchase and sale agreement to sell a portfolio of three lodging properties for a combined selling price of $35.8 million. We reclassified the properties to Assets held for sale, net at September 30, 2026 when the reclassification criteria were met. The sale of the lodging properties will result in a gain of approximately $1.5 million, which will be recorded in the period in which the transaction closes.

In June 2026, the GIC Joint Venture acquired an approximately one acre undeveloped parcel of land in Frisco, TX for $1.4 million. The parcel is adjacent to the three GIC Joint Venture owned lodging properties in Frisco, TX. See “Note 17 - Related Party Transaction” for additional details.


	September 30, 2026		December 31, 2025
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:

Tax incentives	12,063		12,063
Key money	9,245		9,370


	21,308		21,433
Intangible assets	32,142		32,267
Less - accumulated amortization	(8,315)		(7,255)
Intangible assets, net	$	23,827	$	25,012

We recorded amortization expense related to intangible assets of approximately $0.4 million for each of the three months ended September 30, 2026 and 2025, respectively, and $1.2 million for each of the nine months ended September 30, 2026 and 2025, respectively.