Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Investment in hotel properties, net	$ 5,103,449	$ 5,319,029
Hotel held for sale	80,602	0
Cash and cash equivalents	223,157	206,650
Restricted cash	8,958	10,941
Hotel receivables (net of allowance for doubtful accounts of $348 and $439, respectively)	45,666	39,125
Prepaid expenses and other assets	92,418	117,593
Total assets	5,554,250	5,693,338
LIABILITIES AND EQUITY
Debt	2,239,036	2,246,732
Accounts payable, accrued expenses and other liabilities	228,116	222,230
Lease liabilities - operating leases	333,090	320,741
Deferred revenues	97,980	92,347
Accrued interest	18,027	11,549
Liabilities related to hotel held for sale	18,609	0
Distribution payable	11,803	11,865
Total liabilities	2,946,661	2,905,464
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $688,554 and $690,000 at September 30, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,542,157 and 27,600,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	275	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,841,546 and 119,285,394 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	1,138	1,193
Additional paid-in capital	3,985,385	4,072,265
Accumulated other comprehensive income (loss)	3,465	16,550
Distributions in excess of retained earnings	(1,475,913)	(1,392,860)
Total shareholders’ equity	2,514,350	2,697,424
Non-controlling interests	93,239	90,450
Total equity	2,607,589	2,787,874
Total liabilities and equity	$ 5,554,250	$ 5,693,338