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DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
At December 31, 2024 and 2023 our outstanding indebtedness was as follows (dollar amounts in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)
Initial Maturity 
Date
Fully Extended Maturity Date
Number of 
Properties
Encumbered
December 31,
20242023
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver
(1)
6.33% Variable
n/a6/21/20276/21/2028n/a$10,000 $— 
$200 Million Term Loan
(1)
6.16% Variable
n/a6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit and Term Loan Facility210,000 200,000 
Term Loans
KeyBank National Association Term Loan
(2)
n/a
n/a2/14/20252/14/2025n/a— 225,000 
Regions Bank 2024 Term Loan Facility
(1)
6.37% Variable
n/a2/26/20272/26/2029n/a200,000 — 
200,000 225,000 
Convertible Notes
1.50% Fixed
n/a2/15/20262/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank(2)
n/a
257/1/20277/1/2027n/a— 42,611 
Bank of the Cascades
(2)
n/a
2512/19/202412/19/2024n/a— 7,425 
(2)
n/a
2512/19/202412/19/2024n/a— 7,425 
Total Mortgage Loans—— 57,461 
Total Operating Partnership Debt—697,500 769,961 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
7.45% Variable
256/9/20256/9/2025246,060 47,000 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver
(3)
6.61% Variable
n/a9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan
(3)
6.56% Variable
n/a9/15/20279/15/2028n/a125,000 75,000 
Bank of America, N.A.(4)
7.22% Variable
n/a1/13/20261/13/2027n/a396,037 410,000 
Wells Fargo
4.99% Fixed
306/6/20286/6/2028112,526 12,785 
PACE loan
6.10% Fixed
207/31/20407/31/2040
n/a
5,884 6,093 
Total GIC Joint Venture Credit Facility and Term Loans1664,447 628,878 
Total Joint Venture Debt3710,507 675,878 
Total Debt31,408,007 1,445,839 
Unamortized debt issuance costs(11,297)(15,171)
Debt, net of issuance costs$1,396,710 $1,430,668 

(1)    The 2023 Senior Credit Facility and the Regions Bank 2024 Term Loan Facility are supported by a borrowing base of 53 unencumbered hotel properties.

(2)    The KeyBank Term Loan was paid off with proceeds from the Regions Bank 2024 Term Loan. The Regions Bank 2024 Term Loan has substantially the same terms as the KeyBank Term Loan, with the lender group remaining consistent for both loans. The MetaBank loan was paid off in June 2024. The Bank of the Cascades mortgage loan was comprised of two promissory notes which were repaid in May 2024.

(3)    The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities and affiliated entities that own 15 lodging properties.

(4)    The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities and affiliated entities that own 25 lodging properties and two parking garages.
Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives
Our total fixed-rate and variable-rate debt at December 31, 2024 and 2023, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 
 2024Percentage2023Percentage
Fixed-rate debt(1)
$930,910 66 %$956,414 66 %
Variable-rate debt477,097 34 %489,425 34 %
 $1,408,007 $1,445,839 

(1) At December 31, 2024, debt related to our wholly owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 72% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging."
Schedule of Principal Payments for Each of the Next Five Years
Contractual principal payments, taking into consideration our maturity date extension options, at December 31, 2024, for each of the next five years are as follows (in thousands): 

For the Year Ended
December 31,		Amount
2025$46,563 
2026288,032 
2027396,599 
2028471,937 
2029200,293 
Thereafter4,583 
 $1,408,007 
Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value
Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 
 20242023 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $278,766 $287,500 $256,141 Level 1 - Market approach
Mortgage loans18,410 17,344 68,915 60,883 Level 2 - Market approach
$305,910 $296,110 $356,415 $317,024