Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Investments in lodging property, net	$ 2,722,459	$ 2,746,765
Investment in lodging property under development	0	7,617
Assets held for sale, net	0	1,225
Cash and cash equivalents	39,490	40,637
Restricted cash	8,734	7,721
Right-of-use assets, net	32,933	33,309
Trade receivables, net	22,554	18,625
Prepaid expenses and other	14,197	9,580
Deferred charges, net	10,468	6,460
Other assets	17,335	24,291
Total assets	2,868,170	2,896,230
Liabilities:
Debt, net of debt issuance costs	1,425,799	1,396,710
Lease liabilities, net	24,763	24,871
Accounts payable	7,285	7,450
Accrued expenses and other	81,142	82,153
Total liabilities	1,538,989	1,511,184
Commitments and contingencies (Note 11)	0	0
Redeemable non-controlling interests	50,219	50,219
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 108,811,508 and 108,435,663 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	1,088	1,084
Additional paid-in capital	1,260,433	1,246,225
Accumulated other comprehensive income	4,400	9,173
Accumulated deficit and distributions in excess of retained earnings	(370,879)	(347,041)
Total stockholders’ equity	895,146	909,545
Non-controlling interests	383,816	425,282
Total equity	1,278,962	1,334,827
Total liabilities, redeemable non-controlling interests and equity	2,868,170	2,896,230
6.25% Series E Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	64	64
5.875% Series F Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 40	$ 40