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EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
 
Our 2024 Equity Incentive Plan, which became effective May 22, 2024, and previously, the 2011 Equity Incentive Plan (collectively, the “Equity Plan”), provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards.

Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant. At June 30, 2025, we only have outstanding restricted stock awards. All of our outstanding equity-based awards are classified as equity awards.

Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan
 
The following table summarizes time-based restricted stock award activity under our Equity Plan:

 
 Number
 of Shares		Weighted-Average
Grant Date 
Fair Value		Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,152,823 $7.28 $7,897 
Granted693,020 6.63 
Vested(399,938)8.14 
Forfeited(30,673)6.67 
Non-vested at June 30, 20251,415,232 $6.73 $7,204 

The awards vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date).

The awards granted to our executive officers generally vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date) or in certain circumstances upon a change in control.

The holders of these time-based restricted stock awards have the right to vote their unvested restricted shares of Common Stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our Common Stock on the date of grant.
Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes performance-based restricted stock activity under the Equity Plan: 
 Number 
of Shares
Weighted-Average
Grant Date 
Fair Value (1)
Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,239,748 $9.53 $8,492 
Granted576,475 7.66 
Vested(154,397)12.26 
Forfeited(152,038)12.26 
Non-vested at June 30, 20251,509,788 $8.26 $7,685 

(1)    Amounts represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.

Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our Common Stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest over a three-year period based on our total shareholder return relative to the total shareholder return of certain companies within the Dow Jones U.S. Hotels Index (or in the event such index is discontinued, or its methodology significantly changed, a comparable index selected by the Compensation Committee of the Board of Directors) at the end of the period or upon a change in control. The awards require continued service during the measurement period, except in the case of certain terminations of employment or in the case of a change in control and are subject to the other conditions described in the Equity Plan or award document.

The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the Index at the end of the performance period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period.

The holders of these performance-based restricted stock awards have the right to vote their unvested restricted shares of Common Stock, and any dividends declared accrue and will be subject to the same vesting conditions as the performance awards. Further, if additional shares are earned based on our percentile ranking within the index, dividends will be paid as if the additional shares had been held throughout the entire performance period.

Equity-Based Compensation Expense
 
Equity-based compensation expense included in Corporate general and administrative expenses on the Condensed Consolidated Statements of Operations is as follows (in thousands): 
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025202420252024
Time-based restricted stock$982 $618 $1,909 $1,488 
Performance-based restricted stock1,031 1,250 2,020 2,228 
Director stock (1)
776 767 776 767 
$2,789 $2,635 $4,705 $4,483 

(1)    Represents annual stock awards to members of our Board of Directors that vest immediately upon grant.

We recognize equity-based compensation expense ratably over the vesting periods. The amount of expense may be subject to adjustment in future periods due to forfeitures of time-based restricted stock.
Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $14.4 million at June 30, 2025 and will be recorded as follows (in thousands):
 Total2025202620272028
Time-based restricted stock$7,341 $2,028 $3,166 $1,886 $261 
Performance-based restricted stock7,043 2,091 2,982 1,697 273 
 $14,384 $4,119 $6,148 $3,583 $534