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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have investments in lodging properties located in 25 states of the USA. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our Chief Operating Decision Maker, evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distribute their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in “Note 2 - Basis of Presentation and Significant Accounting Policies” to the Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.
Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Lodging property revenues:
Room$170,599 $173,025 $334,330 $340,456 
Food and beverage11,195 10,069 22,185 20,902 
Other11,123 10,809 20,880 20,687 
Total revenues192,917 193,903 377,395 382,045 
Lodging property expenses:
Room39,166 38,044 75,298 74,017 
Sales and marketing24,807 24,738 48,557 48,241 
Administrative and general14,833 14,707 29,328 29,156 
Property taxes, insurance and other13,706 13,287 27,017 27,572 
Food and beverage8,388 7,639 16,379 15,841 
Property operations & maintenance8,256 7,410 16,077 15,040 
Utility costs6,931 6,309 13,969 12,941 
Management fees4,411 4,434 8,906 9,331 
Other lodging property expenses4,116 4,306 7,934 8,353 
Total lodging property expenses
124,614 120,874 243,465 240,492 
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553 

A reconciliation of Income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income from continuing operations before income taxes$3,215 $41,073 $4,592 $44,123 
Adjusted for:
Depreciation and amortization37,259 36,458 74,489 73,257 
Corporate general and administrative8,280 8,704 16,851 17,015 
Loss (gain) on disposal of assets, net80 (28,342)79 (28,417)
Interest expense20,628 20,830 40,584 42,412 
Interest income(301)(565)(577)(1,023)
Gain on extinguishment of debt— (3,000)— (3,000)
Other income, net(858)(2,129)(2,088)(2,814)
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553