Acquisition and Disposition of Hotel Properties

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition and Disposition of Hotel Properties

Acquisition and Disposition of Hotel Properties

Acquisitions

The Company did not acquire any hotel properties during the nine months ended September 30, 2025 or 2024.

Dispositions

The Company did not dispose of any hotel properties during the nine months ended September 30, 2025 or 2024.

For the three and nine months ended September 30, 2025, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $2.7 million and $0.5 million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold or held for sale. For the three and nine months ended September 30, 2024, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $3.1 million and zero, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold or held for sale.

Held for Sale

As of September 30, 2025, the Company had entered into an agreement to sell one hotel property for a sales price of $72.0 million and the purchaser placed a nonrefundable deposit pursuant to the agreement. This hotel was classified as held for sale and, as a result, the Company classified all of the assets and liabilities related to this hotel as assets and liabilities held for sale in the accompanying consolidated balance sheets and ceased depreciating its assets. The Company expects to complete the sale in the fourth quarter of 2025. However, no assurances can be given that the sale will be completed on these terms or at all.