v3.26.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have investments in lodging properties located in 24 states. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our Chief Operating Decision Maker (“CODM”), evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distributes their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in “Note 2 - Basis of Presentation and Significant Accounting Policies” to the Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.
Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Lodging property revenues:
Room$163,166 $156,323 $501,867 $490,653 
Food and beverage10,321 10,017 32,879 32,202 
Other12,219 10,777 35,032 31,657 
Total revenues185,706 177,117 569,778 554,512 
Lodging property expenses:
Room39,201 38,958 114,900 114,256 
Sales and marketing24,463 23,630 73,948 72,187 
Administrative and general14,702 14,408 44,296 43,736 
Property taxes, insurance and other13,638 14,106 41,093 41,123 
Food and beverage8,141 8,217 25,141 24,596 
Property operations & maintenance8,235 8,410 24,117 24,487 
Utility costs8,317 7,999 23,154 21,968 
Management fees3,844 3,142 12,431 12,048 
Other lodging property expenses4,734 4,128 14,257 12,062 
Total lodging property expenses
125,275 122,998 373,337 366,463 
Hotel EBITDA
$60,431 $54,119 $196,441 $188,049 

A reconciliation of Loss from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Loss from continuing operations before income taxes$(4,303)$(12,112)$(1,019)$(7,520)
Adjusted for:
Depreciation and amortization36,108 37,634 109,295 112,123 
Corporate general and administrative8,131 7,845 24,391 24,696 
Loss on write-down of assets— — 3,641 — 
(Gain) loss on disposal of assets, net(142)57 (236)136 
Interest expense21,926 20,676 64,444 61,260 
Interest income(340)(259)(887)(836)
Other (income) expense, net(949)278 (3,188)(1,810)
Hotel EBITDA
$60,431 $54,119 $196,441 $188,049