On August 7, 2025, the Company sold the Marriott Seattle Waterfront for $145.0 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid approximately $88.4 million on the mortgage loan that was partially secured by the hotel property. The sale resulted in a gain of approximately $41.1 million for the year ended December 31, 2025.

On November 6, 2025, the Company sold The Clancy for $115.0 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid approximately $64.7 million on the mortgage loan that was partially secured by the hotel property. The sale resulted in a gain of approximately $41.7 million for the year ended December 31, 2025.

On May 26, 2026, the Company sold the Park Hyatt Beaver Creek Resort & Spa for $176.0 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid the $70.5 million mortgage loan that was secured by the hotel property. The sale resulted in a gain of approximately $16.9 million for the nine months ended September 30, 2026.

On July 14, 2026, the Company sold The Ritz-Carlton Sarasota, the Bardessono Hotel and Spa and the Hotel Yountville for a purchase price of $437.5 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid approximately $232.8 million on the mortgage loan that was partially secured by the hotel properties. The sale resulted in a gain of approximately $151.7 million for the three and nine months ended September 30, 2026.

On August 12, 2026, the Company sold the Pier House Resort & Spa for $190.0 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid approximately $93.7 million on the mortgage loan that was partially secured by the hotel property. The sale resulted in a gain of approximately $108.7 million for the three and nine months ended September 30, 2026.

We included the results of operations for these hotel properties through the dates of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025. The following table includes the condensed consolidated financial information from the disposed hotel properties (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Total hotel revenue	$	7,459	$	57,895	$	128,855	$	211,544
Total hotel operating expenses	(6,266)		(40,897)		(78,678)		(137,102)
Property taxes, insurance and other	(646)		(2,800)		(6,572)		(12,040)
Depreciation and amortization	(624)		(8,033)		(11,889)		(25,221)

Gain (loss) on disposition of assets and hotel properties	259,927		40,970		277,325		40,970
Operating income (loss)	259,850		47,135		309,041		78,151
Interest income	1		125		86		386
Interest expense and amortization of loan costs	(1,950)		(9,795)		(15,914)		(31,121)
Write-off of loan costs and exit fees	(15)		—		(15)		(263)
Gain (loss) on extinguishment of debt	—		(1,553)		—		(1,553)
Income (loss) before income taxes	257,886		35,912		293,198		45,600

(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(16,170)		(2,481)		(18,706)		(3,762)
Income (loss) before income taxes attributable to the Company	$	241,716	$	33,431	$	274,492	$	41,838

On September 23, 2026, the Company entered into a definitive agreement to sell The Four Seasons Resort Scottsdale for a purchase price of $372 million in cash, subject to customary pro-rations and adjustments.

As of September 30, 2026, the hotel was classified as held for sale. Depreciation and amortization ceased as of the date the asset was deemed held for sale. Since the sale of the hotel did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, the results of operations were not reported as discontinued operations in the consolidated financial statements. The sale of the hotel property closed on October 28, 2026. See note 17.


	September 30, 2026
Assets
Investments in hotel properties, gross	$	282,469
Accumulated depreciation	(40,548)
Investments in hotel properties, net	241,921
Cash and cash equivalents	20,617
Restricted cash	9,027
Accounts receivable, net	2,609
Inventories	797

Prepaid expenses	263


Other assets	76




Assets held for sale	$	275,310

Liabilities
Indebtedness, net	$	178,608
Accounts payable and accrued expenses	31,658



Due to third-party hotel managers, net	217



Liabilities associated with assets held for sale	$	210,483