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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2025 (in thousands)
Costs
Initial CostCapitalizedGross Amount at End of Year
Building andSubsequent toBuilding andAccumulatedNet BookYear ofDepreciation
DescriptionEncumbrancesLandImprovementsAcquisitionLandImprovementsTotalDepreciationValueAcquisitionLife
AC Hotel Minneapolis Downtown$— $4,141 $24,549 $56 $4,141 $24,605 $28,746 $(725)$28,021 2024
10 - 40 Years
Atlanta Marriott Alpharetta— 3,623 33,503 6,493 3,623 39,996 43,619 (19,104)24,515 2005
10 - 40 Years
Bourbon Orleans Hotel20,644 60,969 7,310 20,645 68,278 88,923 (7,320)81,603 2021
10 - 40 Years
Cavallo Point, The Lodge at Golden Gate— 123,100 11,124 — 134,224 134,224 (31,894)102,330 2018
10 - 40 Years
Chicago Marriott Downtown Magnificent Mile— 36,900 347,921 101,980 36,900 449,901 486,801 (200,112)286,689 2006
10 - 40 Years
Chico Hot Springs Resort & Day Spa— 11,291 20,595 1,865 11,291 22,460 33,751 (2,715)31,036 2023
10 - 20 Years
Embassy Suites by Hilton Bethesda— — 45,656 10,841 — 56,497 56,497 (26,825)29,672 2004
10 - 40 Years
The Gwen Hotel— 31,650 76,961 25,580 31,650 102,541 134,191 (43,036)91,155 2006
10 - 40 Years
Courtyard Denver Downtown— 9,400 36,180 7,536 9,400 43,716 53,116 (15,844)37,272 2011
10 - 40 Years
Courtyard New York Manhattan/Fifth Avenue— — 34,685 10,298 — 44,983 44,983 (21,341)23,642 2004
10 - 40 Years
Courtyard New York Manhattan/Midtown East— 16,500 54,812 12,613 16,500 67,425 83,925 (31,782)52,143 2004
10 - 40 Years
Havana Cabana Key West— 32,888 13,371 7,872 32,888 21,243 54,131 (5,054)49,077 2014
10 - 40 Years
Henderson Beach Resort10,118 93,176 7,014 10,645 99,663 110,308 (10,268)100,040 2021
10 - 40 Years
Henderson Park Inn8,395 17,462 2,526 8,539 19,844 28,383 (2,521)25,862 2021
10 - 40 Years
Hotel Champlain Burlington— 9,197 40,644 18,927 9,197 59,571 68,768 (16,509)52,259 2012
10 - 40 Years
Hilton Garden Inn New York/Times Square Central— 60,300 88,896 6,527 60,300 95,423 155,723 (26,181)129,542 2014
10 - 40 Years
Hotel Clio— 9,200 63,183 16,012 9,200 79,195 88,395 (25,739)62,656 2011
10 - 40 Years
Hotel Emblem San Francisco— 7,856 21,085 9,109 7,856 30,194 38,050 (8,525)29,525 2012
10 - 40 Years
Hotel Palomar Phoenix— — 59,703 4,455 — 64,158 64,158 (12,098)52,060 2018
10 - 40 Years
The Hythe Vail— 5,800 52,463 39,113 5,800 91,576 97,376 (34,329)63,047 2005
10 - 40 Years
Kimpton Shorebreak Fort Lauderdale Beach Resort— 3,436 29,206 1,500 3,436 30,706 34,142 (2,960)31,182 2022
10 - 40 Years
Kimpton Shorebreak Huntington Beach Resort— 19,908 37,525 5,723 20,423 42,733 63,156 (11,682)51,474 2015
10 - 40 Years
Margaritaville Beach House Key West— 49,592 42,958 19,290 49,592 62,248 111,840 (14,618)97,222 2015
10 - 40 Years
Lake Austin Spa Resort — 25,089 43,879 1,115 25,089 44,994 70,083 (4,267)65,816 2022
10 - 40 Years
The Landing Lake Tahoe Resort & Spa— 14,816 24,351 3,433 14,816 27,784 42,600 (5,447)37,153 2018
10 - 40 Years
L'Auberge de Sedona— 49,110 32,384 37,299 49,110 69,684 118,794 (10,207)108,587 2017
10 - 40 Years
Salt Lake City Marriott Downtown at City Creek— — 45,815 24,785 — 70,600 70,600 (29,068)41,532 2004
10 - 40 Years
The Dagny Boston— 23,262 128,628 46,876 23,262 175,504 198,766 (50,402)148,364 2012
10 - 40 Years
The Lindy Renaissance Charleston Hotel— 5,900 32,511 12,077 5,900 44,588 50,488 (15,069)35,419 2010
10 - 40 Years
The Lodge at Sonoma Resort— 3,951 22,720 17,675 3,951 40,395 44,346 (14,366)29,980 2004
10 - 40 Years
Tranquility Bay Beachfront Resort— 1,865 19,357 349 1,865 19,706 21,571 (2,051)19,520 2022
10 - 40 Years
Westin Boston Seaport District— — 273,696 40,024 — 313,721 313,721 (143,064)170,657 2007
10 - 40 Years
Westin Fort Lauderdale Beach Resort— 54,293 83,227 21,620 54,293 104,847 159,140 (27,294)131,846 2014
10 - 40 Years
Westin San Diego Bayview— 22,902 95,617 22,745 22,902 118,362 141,264 (37,605)103,659 2012
10 - 40 Years
Worthington Renaissance Fort Worth Hotel— 15,500 63,428 36,515 17,172 98,271 115,443 (39,170)76,273 2005
10 - 40 Years
Total$— $567,527 $2,284,216 $598,277 $570,386 $2,879,636 $3,450,022 $(949,192)$2,500,830 
Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
Balance at December 31, 2022$3,384,509 
Additions:
     Acquisitions31,886 
     Capital expenditures60,931 
Balance at December 31, 20233,477,326 
Additions:
     Acquisitions28,690 
     Capital expenditures50,846 
Deductions:
Impairment losses(43,920)
Dispositions and other(7,004)
Balance at December 31, 20243,505,938 
Additions:
     Capital expenditures64,601 
Deductions:
     Dispositions and other(120,517)
Balance at December 31, 2025$3,450,022 


B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
Balance at December 31, 2022$768,634 
Depreciation and amortization72,666 
Balance at December 31, 2023841,300 
Depreciation and amortization77,018 
Impairment losses(11,347)
Dispositions and other(7,004)
Balance at December 31, 2024899,967 
Depreciation and amortization80,849 
Dispositions and other(31,624)
Balance at December 31, 2025$949,192 

C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,343,719 as of December 31, 2025.