INVESTMENTS IN LODGING PROPERTY, NET (Tables)

9 Months Ended

Sep. 30, 2026

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:


Classification						Estimated Useful Lives
Buildings and improvements						6 to 40 years
Furniture, fixtures and equipment						2 to 15 years

Investments in lodging property, net is as follows (in thousands):


	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

Assets held for sale, net is as follows (in thousands):


	September 30, 2026		December 31, 2025

Portfolio of three lodging properties	$	33,594	—
Hilton Garden Inn - Longview, TX	—		11,967		(1)
	$	33,594	$	11,967

(1) Carrying amounts are at the net sales price less estimated costs to sell (Level 2 of the fair value hierarchy).

Intangible assets, net is as follows (in thousands):


	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

Intangible assets, net is as follows (in thousands):


	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

Future amortization expense related to intangible assets is as follows (in thousands):