Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):

			Principal Balance as of December 31,
Loan	Interest Rate as of December 31, 2025	Maturity Date	2025		2024
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	—		71,766
Hotel Clio mortgage loan	4.33%	July 2025	—		54,657
Westin Boston Seaport District mortgage loan	4.36%	November 2025	—		169,385
Unsecured term loan	SOFR + 1.35%	January 2026 (1)	—		300,000
Unsecured term loan	SOFR + 1.35% (2)	January 2028 (3)	500,000		500,000
Unsecured term loan	SOFR + 1.35% (4)	January 2029 (3)	300,000		—
Unsecured term loan	SOFR + 1.35% (4)	January 2030	300,000		—
Senior unsecured credit facility	SOFR + 1.40%	January 2030 (3)	—		—
Total debt			1,100,000		1,095,808
Unamortized debt issuance costs (5)			(1,150)		(514)
Debt, net of unamortized debt issuance costs			$	1,098,850	$	1,095,294
Weighted-Average Interest Rate (6)	4.98%

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(1)In connection with the Seventh Amended and Restated Credit Agreement, the existing $300.0 million unsecured term loan maturing in January 2026 was refinanced with two new $300.0 million unsecured term loans.

(2)Interest rate as of December 31, 2025 was 4.86%, which includes the effect of interest rate swaps.

(3)Maturity date may be extended for two additional six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.

(4)Interest rate as of December 31, 2025 was 5.01%.

(5)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheets.

(6)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.

Schedule of Maturities of Long-Term Debt

As of December 31, 2025, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands):

2026	$	—
2027	—
2028	—
2029	500,000
2030	600,000
	$	1,100,000

Schedule of Line of Credit Facility Leverage and Applicable Margin

The applicable margin is based upon our leverage ratio, as follows:

Leverage Ratio	Applicable Margin for Revolving Loans	Applicable Margin for Term Loans
Less than 30%	1.40%	1.35%
Greater than or equal to 30% but less than 35%	1.45%	1.40%
Greater than or equal to 35% but less than 40%	1.50%	1.45%
Greater than or equal to 40% but less than 45%	1.60%	1.55%
Greater than or equal to 45% but less than 50%	1.80%	1.75%
Greater than or equal to 50% but less than 55%	1.95%	1.85%
Greater than or equal to 55%	2.25%	2.20%

Schedule of Most Significant Covenants

The Amended Credit Facility contains various financial covenants. A summary of the most significant covenants are as follows:

		Actual at
	Covenant	December 31, 2025
Maximum leverage ratio (1)	60%	27.6%
Minimum fixed charge coverage ratio (2)	1.50x	3.38
Secured recourse indebtedness	Less than 45% of Total Asset Value	N/A
Unencumbered leverage ratio	60.0%	31.9%
Unencumbered implied debt service coverage ratio	1.20x	2.35x

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(1)Leverage ratio is net indebtedness, as defined in the Amended Credit Facility, divided by total asset value, defined in the Amended Credit Facility as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.

(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Amended Credit Facility as EBITDA less FF&E reserves, for the most recent trailing 12 month period, to fixed charges, which is defined in the Amended Credit Facility as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same 12 month period.

Schedule of Components of Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Unsecured term loan interest	$	50,394	$	47,232	$	43,294
Mortgage debt interest	7,211		14,753		16,436
Credit facility interest and unused fees	1,337		1,253		1,256
Amortization of debt issuance costs	1,972		1,967		2,053
Interest rate swap mark-to-market	—		—		2,033
Finance lease expense(1)	1,884		$	311	$	—
	$	62,798	$	65,516	$	65,072

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(1)In October 2024, we extended the term on one of our ground leases, and, as a result, the lease classification changed from an operating lease to a finance lease.