Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investment in hotel properties, net	$ 5,023,457	$ 5,319,029
Cash and cash equivalents	184,185	206,650
Restricted cash	12,018	10,941
Hotel receivables (net of allowance for doubtful accounts of $241 and $439, respectively)	34,184	39,125
Prepaid expenses and other assets	94,330	117,593
Total assets	5,348,174	5,693,338
LIABILITIES AND EQUITY
Debt	2,124,092	2,246,732
Accounts payable, accrued expenses and other liabilities	199,631	222,230
Lease liabilities - operating leases	333,068	320,741
Deferred revenues	104,900	92,347
Accrued interest	12,106	11,549
Distribution payable	11,639	11,865
Total liabilities	2,785,436	2,905,464
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 and $690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	271	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,188,134 and 119,285,394 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,132	1,193
Additional paid-in capital	3,969,875	4,072,265
Accumulated other comprehensive income (loss)	605	16,550
Distributions and retained deficit	(1,503,262)	(1,392,860)
Total shareholders' equity	2,468,621	2,697,424
Non-controlling interests	94,117	90,450
Total equity	2,562,738	2,787,874
Total liabilities and equity	$ 5,348,174	$ 5,693,338