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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 407,537 $ 397,110 $ 727,803 $ 711,179
Hotel operating expenses:        
Total hotel operating expenses 253,786 247,657 481,000 463,713
Depreciation and amortization 57,645 57,296 115,188 114,505
Real estate taxes, personal property taxes, property insurance, and ground rent 33,978 25,002 67,251 57,407
General and administrative 12,504 11,946 25,730 24,123
Business interruption insurance income (3,242) (7,301) (7,545) (11,281)
Other operating expenses 478 1,539 1,028 3,120
Total operating expenses 355,149 336,139 682,652 651,587
Operating income (loss) 52,388 60,971 45,151 59,592
Interest expense (27,282) (27,939) (54,415) (54,360)
Other, net 1,991 217 1,019 543
Income (loss) before income taxes 27,097 33,249 (8,245) 5,775
Income tax (expense) benefit (7,812) (1,010) (4,650) (1,056)
Net income (loss) 19,285 32,239 (12,895) 4,719
Net income (loss) attributable to non-controlling interests 1,229 1,303 1,996 2,133
Net income (loss) attributable to the Company 18,056 30,936 (14,891) 2,586
Distributions to preferred shareholders (10,632) (10,632) (21,263) (21,263)
Net income (loss) attributable to common shareholders $ 7,424 $ 20,304 $ (36,154) $ (18,677)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ 0.06 $ 0.17 $ (0.30) $ (0.16)
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.06 $ 0.16 $ (0.30) $ (0.16)
Weighted-average number of common shares, basic (in shares) 118,172,417 120,094,380 118,685,483 120,089,803
Weighted-average number of common shares, diluted (in shares) 118,383,446 149,744,864 118,685,483 120,089,803
Room        
Revenues:        
Total revenues $ 257,600 $ 253,778 $ 454,610 $ 451,878
Hotel operating expenses:        
Total hotel operating expenses 67,732 65,003 126,255 120,026
Food and beverage        
Revenues:        
Total revenues 105,994 101,520 192,304 182,615
Hotel operating expenses:        
Total hotel operating expenses 72,658 70,921 137,226 131,935
Other operating        
Revenues:        
Total revenues 43,943 41,812 80,889 76,686
Hotel operating expenses:        
Total hotel operating expenses $ 113,396 $ 111,733 $ 217,519 $ 211,752