CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Property and equipment, net	$ 2,615,010	$ 2,631,221
Assets held for sale	0	93,400
Right-of-use assets	89,485	89,931
Restricted cash	51,155	47,408
Due from hotel managers	171,819	145,947
Prepaid and other assets	81,444	82,963
Cash and cash equivalents	52,402	81,381
Total assets	3,061,315	3,172,251
Liabilities:
Debt, net of unamortized debt issuance costs	1,020,320	1,095,294
Lease liabilities	86,123	85,235
Due to hotel managers	131,948	121,734
Liabilities of assets held for sale	0	3,352
Deferred rent	75,614	73,535
Unfavorable contract liabilities, net	57,378	58,208
Accounts payable and accrued expenses	80,477	79,201
Distributions declared and unpaid	17,394	49,034
Deferred income related to key money, net	7,563	7,726
Total liabilities	1,476,817	1,573,319
Equity:
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at June 30, 2025 and December 31, 2024	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 205,375,594 and 207,592,210 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	2,053	2,076
Additional paid-in capital	2,243,618	2,268,521
Accumulated other comprehensive loss	(5,473)	(1,360)
Distributions in excess of earnings	(664,721)	(679,050)
Total stockholders’ equity	1,575,525	1,590,235
Noncontrolling interests	8,973	8,697
Total equity	1,584,498	1,598,932
Total liabilities and equity	$ 3,061,315	$ 3,172,251