v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
REVENUE
Rooms$63,147 $85,701 $294,131 $331,617 
Food and beverage25,983 36,637 123,647 133,996 
Other hotel revenue12,448 21,218 63,809 72,840 
Total hotel revenue$101,578 $143,556 $481,587 $538,453 
EXPENSES
Hotel expenses:
Rooms$18,665 $24,728 $67,761 $80,232 
Food and beverage24,268 30,685 98,075 106,662 
Direct expenses4,840 7,236 22,837 24,903 
Indirect expenses:
Property, general and administration10,334 14,364 38,920 45,228 
Sales and marketing8,535 11,138 32,163 36,868 
Information and telecommunications systems1,487 1,969 5,323 5,928 
Repairs and maintenance5,776 7,802 19,810 23,627 
Energy5,127 6,148 17,229 17,899 
Lease expense125 634 1,242 1,756 
Ownership expenses89 995 1,565 3,149 
Incentive management fee(44)(187)7,727 5,263 
Management fees3,015 4,337 14,120 16,498 
Property taxes2,694 4,405 8,083 14,358 
Other taxes53 331 232 1,098 
Insurance1,918 3,409 8,389 10,888 
Total expenses86,882 117,994 343,476 394,357 
Hotel adjusted EBITDA$14,696 $25,562 $138,111 $144,096 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Hotel adjusted EBITDA$14,696 $25,562 $138,111 $144,096 
Ownership expenses included in other hotel expenses(2,087)(1,667)(4,342)(3,966)
Ownership expenses included in property taxes, insurance and other(12)(66)(132)(224)
Management fees(88)(103)(315)(393)
Depreciation and amortization(16,611)(23,164)(60,623)(69,919)
Advisory services fee(7,498)(7,915)(22,182)(21,717)
Corporate general and administrative
(12,139)(3,811)(21,419)(4,407)
Termination fee(480,000)— (480,000)— 
Gain (loss) on disposition of assets and hotel properties259,927 40,970 277,325 40,970 
Equity in earnings (loss) of unconsolidated entities— — (31)— 
Interest income841 1,494 2,425 4,901 
Other income (expense)— — — (1,250)
Interest expense and amortization of discounts and loan costs(16,203)(25,188)(57,911)(75,376)
Write-off of loan costs and exit fees(20)(366)(1,509)(1,833)
Gain (loss) on extinguishment of debt— (1,553)— (1,553)
Realized and unrealized gain (loss) on derivatives54 (118)337 (301)
Income tax (expense) benefit9,756 648 5,858 (474)
Net income (loss)$(249,384)$4,723 $(224,408)$8,554