Disclosure - Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reconciliation [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDAre for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations, which the CODM uses to manage its business, such as how to allocate capital to its hotels and how to determine the Company’s acquisition and disposition strategies (in thousands):

	2024		2023		2022
Revenues
Hotel revenues	$	905,809	$	986,425	$	901,991
Business interruption insurance proceeds (1)		—		—		9,987
Other revenues (2)		—		55		75
Total consolidated revenues	$	905,809	$	986,480	$	912,053
Expenses
Room	$	146,369	$	158,002	$	145,285
Food and beverage		182,840		193,820		174,146
Other operating		23,323		23,721		23,345
Advertising and promotion		52,180		51,958		46,979
Repairs and maintenance		35,927		38,308		36,801
Utilities		26,576		27,622		26,357
Franchise costs		18,391		16,876		15,839
Property tax, ground lease and insurance		77,221		78,796		68,979
Other property-level expenses (3)		110,833		120,247		113,336
	$	673,660	$	709,350	$	651,067
Hotel Adjusted EBITDAre	$	233,861	$	276,756	$	250,481

	2024		2023		2022
Reconciliation of Hotel Adjusted EBITDAre to Net Income
Hotel Adjusted EBITDAre	$	233,861	$	276,756	$	250,481
Business interruption insurance proceeds (1)		—		—		9,987
Other revenues (2)		—		55		75
Non-hotel operating expenses, net (4)		82		11		2,578
Property-level hurricane-related restoration expenses and legal fees (5)		—		—		(2,257)
Property-level COVID-19 relief grant (5)		1,343		—		—
Pre-opening expenses (5)		(2,633)		—		—
Property-level legal settlements (5)		(1,182)		—		—
Property-level severance (5)		—		(297)		(974)
Taxes assessed on commercial rents (5)		(480)		(553)		(176)
Amortization of right-of use assets and obligations		1,158		1,158		1,272
Corporate overhead		(29,050)		(31,412)		(35,246)
Depreciation and amortization		(124,507)		(127,062)		(126,396)
Impairment losses		—		—		(3,466)
Interest and other income		13,179		10,535		5,242
Interest expense		(50,125)		(51,679)		(32,005)
Gain on sale of assets, net		457		123,820		22,946
Gain (loss) on extinguishment of debt, net		59		9,938		(936)
Income tax benefit (provision), net		1,100		(4,562)		(359)
Net income	$	43,262	$	206,708	$	90,766

(1) Includes business interruption insurance proceeds received by the Company in 2022 related to COVID-19 disruption at the Company’s hotels. The CODM excludes business interruption proceeds because they are non-recurring and not indicative of the performance of the Company’s hotels for the applicable period.

(2) Other revenues include the amortization of any favorable or unfavorable contract intangibles recorded in conjunction with the Company’s hotel acquisitions. The CODM excludes the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating the performance of the Company’s hotels.

(3) Other property-level expenses include property-level general and administrative expenses, such as payroll, benefits and other employee-related expenses, contract and professional fees, credit and collection expenses, employee recruitment, relocation and training expenses, labor dispute expenses, consulting fees, management fees, and other expenses.

(4) Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for 2024, 2023, and 2022, and include corporate-level current year property taxes, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.

(5) When assessing a hotel’s operating performance, the CODM excludes certain items that are not indicative of the ongoing operating performance of the Company’s hotels, such as hurricane-related restoration expenses and legal fees, property-level grants, pre-opening expenses associated with extensive renovation projects such as the work being performed at the Confidante Miami Beach, property-level legal settlements and severance, and taxes assessed on commercial rents.