SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

				Initial Cost				Costs Subsequent		Gross Amount at December 31, 2024
Description	Mortgage Debt/ Encumbrances			Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Aliso Viejo, CA - Homewood Suites	$	—		$	5,599	$	32,367	$	1,067	$	5,599	$	33,434	$	39,033	$	(10,476)	2017
Amarillo, TX - Courtyard	—			269		18,561		999		269		19,560		19,829		(3,972)		2022
Amarillo, TX - Embassy Suites	—		(2)	657		38,456		1,128		657		39,584		40,241		(8,033)		2022
Arlington, TX - Courtyard	—			1,497		15,573		697		1,497		16,270		17,767		(6,572)		2012
Arlington, TX - Residence Inn	—			1,646		15,440		1,418		1,646		16,858		18,504		(6,686)		2012
Asheville, NC - Hotel Indigo	—			2,100		34,755		7,686		2,100		42,441		44,541		(12,093)		2015
Atlanta, GA - AC Hotel	—			5,670		51,922		3,298		5,670		55,220		60,890		(15,523)		2017
Atlanta, GA - Courtyard	—			2,050		27,969		3,837		2,050		31,806		33,856		(12,749)		2012
Atlanta, GA - Residence Inn	—		(3)	3,381		34,820		5,742		3,381		40,562		43,943		(10,139)		2016
Austin, TX - Hampton Inn & Suites	—		(2)	—		56,394		6,883		—		63,277		63,277		(20,601)		2014
Baltimore, MD - Hampton Inn & Suites	—			2,205		16,013		6,412		2,205		22,425		24,630		(8,243)		2017
Baltimore, MD - Residence Inn	—			1,986		37,016		7,917		1,986		44,933		46,919		(15,652)		2017
Boulder, CO - Marriott	—			11,115		49,204		14,751		11,115		63,955		75,070		(21,224)		2016
Branchburg, NJ - Residence Inn	—		(3)	2,374		24,411		(10,552)		2,374		13,859		16,233		(8,259)		2015
Brisbane, CA - DoubleTree	—			3,300		39,686		2,366		3,300		42,052		45,352		(20,771)		2014
Camarillo, CA - Hampton Inn & Suites	—			2,200		17,366		1,234		2,200		18,600		20,800		(9,438)		2013
Charlotte, NC - Courtyard	—			—		41,094		6,490		—		47,584		47,584		(13,452)		2017
Chicago, IL - Hyatt Place	—			5,395		68,355		1,074		5,395		69,429		74,824		(20,710)		2016
Cleveland, OH - Residence Inn	—			10,075		33,340		4,489		10,075		37,829		47,904		(12,049)		2017
Dallas, TX - AC Hotel	—			1,330		31,379		(2,950)		1,330		28,429		29,759		(4,766)		2022
Dallas, TX - Hampton Inn & Suites	—			1,834		47,069		1,453		1,834		48,522		50,356		(6,358)		2022
Dallas, TX - Parking Garage	—			3,131		9,252		(1,310)		3,131		7,942		11,073		(717)		2022
Dallas, TX - Residence Inn	—			1,372		32,351		(2,379)		1,372		29,972		31,344		(4,947)		2022
Dallas, TX - SpringHill Suites	—			2,447		23,746		7,213		2,447		30,959		33,406		(3,558)		2022
Decatur, GA - Courtyard	—			4,046		34,151		4,858		4,046		39,009		43,055		(13,459)		2015
Englewood, CO - Hyatt House	—			2,700		16,267		3,440		2,700		19,707		22,407		(7,050)		2012
Englewood, CO - Hyatt Place	—			2,000		11,950		5,707		2,000		17,657		19,657		(6,528)		2012
Fort Lauderdale, FL - Courtyard	—			37,950		47,002		22,880		37,950		69,882		107,832		(12,948)		2017
Fort Lauderdale, FL - New Builds	—			—		—		3,065		—		3,065		3,065		—		2017
Fort Worth, TX - Courtyard	—			1,920		38,070		11,354		1,920		49,424		51,344		(17,720)		2017
Fredericksburg, TX - Onera Escapes	—			1,251		5,209		2,146		1,013		7,593		8,606		(886)		2022
Frisco, TX - AC Hotel	—			1,246		38,390		259		1,246		38,649		39,895		(6,416)		2022
Frisco, TX - Canopy Hotel	—			1,109		38,531		193		1,109		38,724		39,833		(5,817)		2022
Frisco, TX - Parking Garage	—			2,470		6,563		20		2,470		6,583		9,053		(537)		2022
Frisco, TX - Residence Inn	—			1,246		38,390		199		1,246		38,589		39,835		(6,306)		2022
Garden City, NY - Hyatt Place	—			4,200		27,775		878		4,282		28,571		32,853		(10,015)		2012
Glendale, CO - Staybridge Suites	—			2,100		10,151		8,093		2,100		18,244		20,344		(6,153)		2011

			Initial Cost		Costs Subsequent	Gross Amount at December 31, 2024
Description	Mortgage Debt/ Encumbrances		Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Buildings, Improvements and Furniture, Fixtures and Equipment	Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Total	Accumulated Depreciation	Date Acquired
Grapevine, TX - Courtyard	—		2,542	34,872	6,277	2,542	41,149	43,691	(6,186)	2022
Grapevine, TX - Hilton Garden Inn	5,884		986	33,137	179	986	33,316	34,302	(5,383)	2022
Grapevine, TX - Holiday Inn Express & Suites	—		1,419	13,810	1,027	1,419	14,837	16,256	(2,840)	2022
Grapevine, TX - Hyatt Place	—		1,318	18,740	1,055	1,318	19,795	21,113	(3,611)	2022
Grapevine, TX - TownePlace Suites	—		1,686	23,119	437	1,686	23,556	25,242	(4,680)	2022
Greenville, SC - Hilton Garden Inn	—		1,200	14,566	3,503	1,200	18,069	19,269	(8,699)	2013
Hillsboro, OR - Residence Inn	—		4,943	42,541	7,067	4,943	49,608	54,551	(8,829)	2019
Houston, TX - AC Hotel	—		4,796	52,268	1,670	4,796	53,938	58,734	(7,694)	2022
Houston, TX - Hilton Garden Inn	—	(2)	—	41,838	5,282	—	47,120	47,120	(19,195)	2014
Houston, TX - Hilton Garden Inn	—		2,800	33,777	8,886	2,800	42,663	45,463	(13,106)	2014
Hunt Valley, MD - Residence Inn	—		—	35,436	3,324	1,076	37,684	38,760	(12,058)	2015
Indianapolis, IN - Courtyard	—		7,788	54,384	(977)	7,788	53,407	61,195	(19,349)	2013
Indianapolis, IN - SpringHill Suites	—		4,012	27,910	(159)	4,012	27,751	31,763	(10,372)	2013
Kansas City, MO - Courtyard	—	(3)	3,955	20,608	(1,065)	3,955	19,543	23,498	(7,039)	2017
Lone Tree, CO - Hyatt Place	—		1,300	11,704	5,712	1,314	17,402	18,716	(6,267)	2012
Longview, TX - Hilton Garden Inn	—		1,284	13,281	2,077	1,284	15,358	16,642	(2,447)	2022
Louisville, KY - Fairfield Inn & Suites	—		3,120	24,231	628	3,120	24,859	27,979	(9,652)	2013
Louisville, KY - SpringHill Suites	—		4,880	37,361	898	4,880	38,259	43,139	(15,108)	2013
Lubbock, TX - Hyatt Place	—		896	20,182	984	896	21,166	22,062	(3,640)	2022
Mesa, AZ - Hyatt Place	—		2,400	19,848	2,337	2,400	22,185	24,585	(7,537)	2017
Metairie, LA - Courtyard	—		1,860	25,168	8,838	1,860	34,006	35,866	(13,331)	2013
Metairie, LA - Residence Inn	—		1,791	23,386	1,119	1,791	24,505	26,296	(13,698)	2013
Miami, FL - AC Hotel	46,060	(1)	8,496	46,839	465	8,496	47,304	55,800	(5,409)	2022
Miami, FL - Element	46,060	(1)	5,882	32,427	741	5,882	33,168	39,050	(3,865)	2022
Miami, FL - Hyatt House	—		4,926	40,087	3,375	4,926	43,462	48,388	(18,025)	2015
Miami, FL - Sky Lounge	—		—	1,473	182	—	1,655	1,655	(372)	2022
Midland, TX - Homewood Suites	—		1,717	22,326	1,285	1,717	23,611	25,328	(4,243)	2022
Milpitas, CA - Hilton Garden Inn	—	(3)	7,921	46,141	(33)	7,921	46,108	54,029	(8,933)	2019
Minneapolis, MN - Hampton Inn & Suites	—		3,502	35,433	1,013	3,502	36,446	39,948	(12,956)	2015
Minneapolis, MN - Hyatt Place	—		—	34,026	2,846	—	36,872	36,872	(13,266)	2013
Nashville, TN - Courtyard	—		8,792	62,759	8,743	8,792	71,502	80,294	(22,959)	2016
Nashville, TN - SpringHill Suites	—		777	5,598	2,040	777	7,638	8,415	(3,645)	2004
New Haven, CT - Courtyard	—		11,990	51,497	11,207	11,990	62,704	74,694	(12,451)	2017
New Orleans, LA - Canopy Hotel	—	(2)	4,262	51,406	489	4,262	51,895	56,157	(7,235)	2022
New Orleans, LA - Courtyard	—		1,944	25,120	4,738	1,944	29,858	31,802	(17,121)	2013
New Orleans, LA - SpringHill Suites	—		963	12,763	321	963	13,084	14,047	(2,032)	2022
New Orleans, LA - TownePlace Suites	—		1,366	18,110	261	1,366	18,371	19,737	(2,699)	2022

			Initial Cost				Costs Subsequent		Gross Amount at December 31, 2024
Description	Mortgage Debt/ Encumbrances		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Oklahoma City, OK - AC Hotel	—		2,769		29,389		385		2,769		29,774		32,543		(5,933)		2022
Oklahoma City, OK - Holiday Inn Express & Suites	—		2,542		21,574		933		2,542		22,507		25,049		(3,520)		2022
Oklahoma City, OK - Hyatt Place	—		2,822		25,311		520		2,822		25,831		28,653		(3,851)		2022
Orlando, FL - Hyatt House	—		2,800		34,423		883		2,800		35,306		38,106		(13,834)		2018
Orlando, FL - Hyatt Place	—		3,100		11,343		7,898		3,100		19,241		22,341		(6,737)		2013
Orlando, FL - Hyatt Place	—		2,716		11,221		7,594		2,716		18,815		21,531		(7,963)		2013
Pittsburgh, PA - Courtyard	—		1,652		40,749		6,866		1,652		47,615		49,267		(14,608)		2017
Portland, OR - Hyatt Place	—	(2)	—		14,700		1,012		—		15,712		15,712		(7,426)		2009
Portland, OR - Residence Inn	—		—		15,629		1,169		—		16,798		16,798		(7,960)		2009
Portland, OR - Residence Inn	—	(2)	12,813		76,868		11,001		12,813		87,869		100,682		(15,594)		2019
Poway, CA - Hampton Inn & Suites	—		2,300		14,728		1,686		2,300		16,414		18,714		(7,354)		2013
Revere, MA - Hampton Inn & Suites	—		32,237		33,912		9		32,237		33,921		66,158		(390)		2024
San Francisco, CA - Holiday Inn Express & Suites	—		15,545		49,469		5,467		15,545		54,936		70,481		(26,501)		2013
Scottsdale, AZ - Courtyard	—		3,225		12,571		4,287		3,225		16,858		20,083		(11,804)		2003
Scottsdale, AZ - Hyatt Place	—		1,500		10,171		640		1,500		10,811		12,311		(5,261)		2012
Scottsdale, AZ - Residence Inn	—		7,503		21,545		1,923		7,503		23,468		30,971		(1,933)		2023
Scottsdale, AZ - SpringHill Suites	—		2,195		9,496		2,083		2,195		11,579		13,774		(7,978)		2003
Silverthorne, CO - Hampton Inn & Suites	—		4,441		21,125		1,497		4,441		22,622		27,063		(4,732)		2019
Silverthorne, CO - Parking Garage	—		2,404		—		2,450		2,404		2,450		4,854		—		2019
Steamboat Springs, CO - Nordic Lodge	—		4,754		9,001		668		4,754		9,669		14,423		(780)		2023
Steamboat Springs, CO - Residence Inn	—		1,832		31,214		893		1,832		32,107		33,939		(4,883)		2021
Tampa, FL - Hampton Inn & Suites	—		3,600		20,366		5,066		3,600		25,432		29,032		(12,122)		2012
Tucson, AZ - Embassy Suites	12,526		1,841		23,958		6,358		1,841		30,316		32,157		(3,681)		2021
Tucson, AZ - Homewood Suites	—		2,570		22,802		2,650		2,570		25,452		28,022		(8,454)		2017
Tyler, TX - Residence Inn	—		1,243		15,323		872		1,243		16,195		17,438		(3,493)		2022
Vienna, VA - Hilton Garden Inn	—		8,699		21,481		—		8,699		21,481		30,180		(158)		2024
Waltham, MA - Hilton Garden Inn	—		10,644		21,713		7,302		10,644		29,015		39,659		(11,026)		2017
Watertown, MA - Residence Inn	—		25,083		45,917		717		25,083		46,634		71,717		(11,713)		2018
Land Parcels - Land Parcels	—	(3)	4,645		—		(2,995)		1,650		—		1,650		—		—
			$	418,860	$	2,883,159	$	308,661	$	416,799	$	3,193,881	$	3,610,680	$	(896,444)

(1) Properties cross-collateralize the related loan, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" in the Consolidated Financial Statements.

(2) Properties subject to ground lease, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases" in the Consolidated Financial Statements.

(3) Property accounting basis includes an impairment charge, based on the difference between its estimated fair value and net carrying amount at December 31, 2024.

(a)  ASSET BASIS

	2024		2023		2022
Reconciliation of land, buildings and improvements and furniture, fixtures and equipment:
Balance at beginning of period as adjusted	$	3,586,899	$	3,548,184	$	2,638,549
Additions to land, buildings, improvements and furniture, fixtures and equipment	179,229		131,153		989,046
Disposition of land, buildings, improvements and furniture, fixtures and equipment	(148,725)		(75,777)		(68,991)
Write-down of assets	(6,723)		(16,661)		(10,420)
Balance at end of period	$	3,610,680	$	3,586,899	$	3,548,184

(b)ACCUMULATED DEPRECIATION

	2024		2023		2022
Reconciliation of accumulated depreciation:
Balance at beginning of period	$	821,924	$	716,646	$	583,080
Depreciation	141,945		146,083		145,491
Depreciation on assets sold or disposed	(67,425)		(40,805)		(11,925)
Balance at end of period	$	896,444	$	821,924	$	716,646

(c)The aggregate cost of real estate for Federal income tax purposes was approximately $3,499 million (unaudited).

(d)Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years.

(e)We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" to the Consolidated Financial Statements.

(f)Amounts under the column heading "Costs Subsequent" include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain properties.