Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Investment in hotel properties, net	$ 5,249,485	$ 5,319,029
Cash and cash equivalents	256,130	206,650
Restricted cash	11,008	10,941
Hotel receivables (net of allowance for doubtful accounts of $311 and $439, respectively)	49,691	39,125
Prepaid expenses and other assets	86,996	117,593
Total assets	5,653,310	5,693,338
LIABILITIES AND EQUITY
Debt	2,248,135	2,246,732
Accounts payable, accrued expenses and other liabilities	232,139	222,230
Lease liabilities - operating leases	320,749	320,741
Deferred revenues	99,109	92,347
Accrued interest	10,221	11,549
Distribution payable	11,856	11,865
Total liabilities	2,922,209	2,905,464
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at June 30, 2025 and December 31, 2024), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at June 30, 2025 and December 31, 2024	276	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 118,166,806 and 119,285,394 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	1,182	1,193
Additional paid-in capital	4,061,670	4,072,265
Accumulated other comprehensive income (loss)	6,870	16,550
Distributions in excess of retained earnings	(1,431,394)	(1,392,860)
Total shareholders’ equity	2,638,604	2,697,424
Non-controlling interests	92,497	90,450
Total equity	2,731,101	2,787,874
Total liabilities and equity	$ 5,653,310	$ 5,693,338