Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies.

Schedule of basic and incentive management fees

Total basic management and incentive management fees were included in other property-level expenses on the Company’s consolidated statements of operations as follows (unaudited and in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic management fees	$	6,301	$	6,022	$	19,815	$	18,635
Incentive management fees		(933)		(744)		2,378		2,603
Total basic and incentive management fees	$	5,368	$	5,278	$	22,193	$	21,238

Schedule of license and franchise costs

Total license and franchise fees were included in franchise costs on the Company’s consolidated statements of operations as follows (unaudited and in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Franchise assessments (1)	$	4,265	$	4,411	$	12,867	$	12,781
Franchise royalties		206		300		906		954
Total franchise costs	$	4,471	$	4,711	$	13,773	$	13,735

(1) Includes advertising, reservation and frequent guest program assessments.

Schedule of hotel geographic concentration of risk

As of September 30, 2025, the Company’s hotels were geographically concentrated as follows (unaudited):

				Trailing 12-Month
		Percentage of		Total Consolidated
	Number of Hotels	Total Rooms		Revenue
Northern California	3	15	%	22	%
Southern California	2	22	%	23	%
Florida	3	18	%	12	%
Hawaii	1	8	%	14	%
Washington, DC	1	12	%	10	%