Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Schedule of Investment in Hotel Properties

Investment in hotel properties as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

	September 30, 2025		December 31, 2024
Land	$	763,764	$	800,143
Buildings and improvements	5,018,027		5,062,727
Furniture, fixtures and equipment	528,503		539,616
Finance lease asset	91,181		91,181
Construction in progress	5,865		5,066
	$	6,407,340	$	6,498,733
Operating lease, right-of-use asset	356,322		351,150
Investment in hotel properties	$	6,763,662	$	6,849,883
Less: Accumulated depreciation	(1,660,213)		(1,530,854)
Investment in hotel properties, net	$	5,103,449	$	5,319,029