INVESTMENTS IN LODGING PROPERTY, NET (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Schedule of Investment in Lodging Properties, Net

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:

 

Classification	Estimated Useful Lives
Buildings and improvements	6 to 40 years
Furniture, fixtures and equipment	2 to 15 years

Investments in lodging property, net is as follows (in thousands):

	March 31, 2024		December 31, 2023
Lodging buildings and improvements	$	2,793,479	$	2,786,223
Land	373,039		373,039
Furniture, fixtures and equipment	271,533		268,631
Construction in progress	53,628		41,324
Intangible assets	39,954		39,954
Real estate development loan, net	4,309		4,176
	3,535,942		3,513,347
Less accumulated depreciation and amortization	(820,933)		(784,298)
	$	2,715,009	$	2,729,049

Schedule of Asset Held for Sale

Assets held for sale, net is as follows (in thousands):

	March 31, 2024		December 31, 2023
Under Contract for Sale:
Hyatt Place - Dallas (Plano), TX	$	—	$	9,940
Courtyard by Marriott and SpringHill Suites - New Orleans, LA	43,693		43,504
Hilton Garden Inn - Bryan (College Station), TX	10,652		10,642
Parcel of undeveloped land - San Antonio, TX	1,225		1,225
	55,570		65,311
Marketed for Sale:
One individual lodging property	8,024		8,004
Parcel of undeveloped land - Flagstaff, AZ	425		425
	$	64,019	$	73,740

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net is as follows (in thousands):

	March 31, 2024		December 31, 2023
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:
Tax incentives	19,750		19,750
Key money	9,370		9,370
	29,120		29,120
Intangible assets	39,954		39,954
Less accumulated amortization	(10,283)		(9,251)
Intangible assets, net	$	29,671	$	30,703

Schedule of Finite-Lived Intangible Assets

Intangible assets, net is as follows (in thousands):

	March 31, 2024		December 31, 2023
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:
Tax incentives	19,750		19,750
Key money	9,370		9,370
	29,120		29,120
Intangible assets	39,954		39,954
Less accumulated amortization	(10,283)		(9,251)
Intangible assets, net	$	29,671	$	30,703

Schedule of Future Amortization Expenses

Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending December 31,	Amount
2024	$	3,486
2025	1,564
2026	1,564
2027	1,374
2028	1,016
Thereafter	9,833
	$	18,837