Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Investment in hotel properties, net	$ 5,281,599	$ 5,319,029
Cash and cash equivalents	208,070	206,650
Restricted cash	10,116	10,941
Hotel receivables (net of allowance for doubtful accounts of $357 and $439, respectively)	43,173	39,125
Prepaid expenses and other assets	107,663	117,593
Total assets	5,650,621	5,693,338
LIABILITIES AND EQUITY
Debt	2,247,438	2,246,732
Accounts payable, accrued expenses and other liabilities	219,003	222,230
Lease liabilities - operating leases	320,752	320,741
Deferred revenues	104,308	92,347
Accrued interest	20,857	11,549
Distribution payable	11,847	11,865
Total liabilities	2,924,205	2,905,464
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at March 31, 2025 and December 31, 2024), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at March 31, 2025 and December 31, 2024	276	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 118,278,405 and 119,285,394 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	1,183	1,193
Additional paid-in capital	4,060,426	4,072,265
Accumulated other comprehensive income (loss)	10,892	16,550
Distributions in excess of retained earnings	(1,437,622)	(1,392,860)
Total shareholders’ equity	2,635,155	2,697,424
Non-controlling interests	91,261	90,450
Total equity	2,726,416	2,787,874
Total liabilities and equity	$ 5,650,621	$ 5,693,338