v3.26.3
Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Revenues:                  
Hotel operating revenues $ 298,379     $ 377,576     $ 883,025 $ 1,116,944  
Rental income 101,141     101,194     301,920 300,441  
Total revenues 399,520     478,770     1,184,945 1,417,385  
Less (plus):                  
Hotel operating expenses 255,780     328,358     763,078 963,111  
Other operating expenses 6,389     5,236     19,875 16,303  
Depreciation and amortization 72,152     74,453     225,078 238,583  
Interest expense 85,932     107,776     270,134 311,972  
Net loss (87,940) $ (223,838) $ (151,178) (46,945) $ (38,159) $ (116,435) (462,956) (201,539)  
Reconciliation of segment profit or loss:                  
General and administrative (9,965)     (11,057)     (29,854) (30,831)  
Interest income 375     4,841     2,483 6,912  
Interest expense 85,932     107,776     270,134 311,972  
Loss on early extinguishment of debt, net (335)     (529)     (61,589) (529)  
Income tax expense (875)     (253)     (1,924) (1,553)  
Equity in earnings of an investee 244     1,600     (3,009) (2,873)  
Total assets 5,720,456           5,720,456   $ 6,491,580
Total capital expenditures 29,436     46,720     80,270 131,664  
Net Lease                  
Reconciliation of segment profit or loss:                  
Total capital expenditures 154     449     2,014 1,431  
Hotels                  
Reconciliation of segment profit or loss:                  
Total capital expenditures 29,282     46,271     78,256 130,233  
Operating segments                  
Revenues:                  
Hotel operating revenues 298,379     377,576     883,025 1,116,944  
Rental income 101,141     101,194     301,920 300,441  
Total revenues 399,520     478,770     1,184,945 1,417,385  
Less (plus):                  
Management fees 13,308     16,366     39,007 48,161  
Real estate taxes and insurance 22,002     31,375     71,575 91,621  
Other operating expenses 112,033     138,410     329,736 409,437  
Depreciation and amortization 72,152     74,453     225,078 238,583  
Interest expense 24,527     12,411     64,877 37,084  
Other segment items 56,400     4,197     277,416 59,490  
Net loss (15,728)     54,115     (165,379) 102,814  
Reconciliation of segment profit or loss:                  
Interest expense 24,527     12,411     64,877 37,084  
Operating segments | Room expenses                  
Less (plus):                  
Hotel operating expenses 74,648     105,891     217,814 303,877  
Operating segments | Food and beverage expenses                  
Less (plus):                  
Hotel operating expenses 40,178     41,552     124,821 126,318  
Operating segments | Net Lease                  
Revenues:                  
Hotel operating revenues 0     0     0 0  
Rental income 101,141     101,194     301,920 300,441  
Total revenues 101,141     101,194     301,920 300,441  
Less (plus):                  
Management fees 2,788     2,162     8,307 6,359  
Real estate taxes and insurance 875     710     4,096 2,169  
Other operating expenses 2,726     2,364     7,472 7,775  
Depreciation and amortization 31,702     34,155     98,004 106,088  
Interest expense 24,527     12,411     64,877 37,084  
Other segment items 2,109     2,186     11,870 5,508  
Net loss 36,414     47,206     107,294 135,458  
Reconciliation of segment profit or loss:                  
Interest expense 24,527     12,411     64,877 37,084  
Total assets 2,801,750           2,801,750   2,902,699
Operating segments | Net Lease | Room expenses                  
Less (plus):                  
Hotel operating expenses 0     0     0 0  
Operating segments | Net Lease | Food and beverage expenses                  
Less (plus):                  
Hotel operating expenses 0     0     0 0  
Operating segments | Hotels                  
Revenues:                  
Hotel operating revenues 298,379     377,576     883,025 1,116,944  
Rental income 0     0     0 0  
Total revenues 298,379     377,576     883,025 1,116,944  
Less (plus):                  
Management fees 10,520     14,204     30,700 41,802  
Real estate taxes and insurance 21,127     30,665     67,479 89,452  
Other operating expenses 109,307     136,046     322,264 401,662  
Depreciation and amortization 40,450     40,298     127,074 132,495  
Interest expense 0     0     0 0  
Other segment items 54,291     2,011     265,546 53,982  
Net loss (52,142)     6,909     (272,673) (32,644)  
Reconciliation of segment profit or loss:                  
Interest expense 0     0     0 0  
Total assets 2,748,688           2,748,688   3,107,967
Operating segments | Hotels | Room expenses                  
Less (plus):                  
Hotel operating expenses 74,648     105,891     217,814 303,877  
Operating segments | Hotels | Food and beverage expenses                  
Less (plus):                  
Hotel operating expenses 40,178     41,552     124,821 126,318  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment                  
Less (plus):                  
Interest expense 61,405     95,365     205,257 274,888  
Reconciliation of segment profit or loss:                  
General and administrative (9,965)     (11,057)     (29,854) (30,831)  
Transaction related costs (194)     (222)     1,747 (251)  
Interest income 318     4,766     2,309 6,572  
Interest expense 61,405     95,365     205,257 274,888  
Loss on early extinguishment of debt, net (335)     (529)     (61,589) (529)  
Income tax expense (875)     (253)     (1,924) (1,553)  
Equity in earnings of an investee 244     $ 1,600     (3,009) $ (2,873)  
Corporate                  
Reconciliation of segment profit or loss:                  
Total assets $ 170,018           $ 170,018   $ 480,914