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INVESTMENTS IN LODGING PROPERTY, NET
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
INVESTMENTS IN LODGING PROPERTY, NET INVESTMENTS IN LODGING PROPERTY, NET
 
Investments in Lodging Property, net

Investments in lodging property, net is as follows (in thousands):
September 30, 2025December 31, 2024
Lodging buildings and improvements$2,885,139 $2,867,256 
Land411,975 415,574 
Furniture, fixtures and equipment304,156 296,476 
Construction in progress35,980 35,294 
Intangible assets32,267 32,267 
Real estate development loan4,576 4,576 
3,674,093 3,651,443 
Less accumulated depreciation and amortization(996,919)(904,678)
$2,677,174 $2,746,765 

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $37.5 million and $36.5 million for the three months ended September 30, 2025 and 2024, respectively, and $111.6 million and $109.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Lodging Property Sales

Undeveloped Parcel of Land - San Antonio, TX

We owned a 5.99-acre parcel of undeveloped land in San Antonio, TX that was classified as Assets held for sale, net at December 31, 2024. In February 2025, we closed on the sale of the parcel of undeveloped land for $1.3 million, which approximated its carrying amount.

Portfolio of Two Lodging Properties - New Orleans, LA

In April 2024, we completed the sale of the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites by Marriott, both located in New Orleans, LA, for an aggregate selling price of $73.0 million, which resulted in a gain on sale of approximately $28.3 million that was recorded in the nine months ended September 30, 2024.

Hilton Garden Inn - Bryan (College Station), TX

In April 2024, the GIC Joint Venture completed the sale of the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. The net selling price of the lodging property approximated its carrying amount on the closing date.

Hyatt Place - Dallas (Plano), TX

In February 2024, the GIC Joint Venture completed the sale of the 127-guestroom Hyatt Place - Dallas (Plano), TX for $10.3 million. We recorded a nominal gain on the sale during the nine months ended September 30, 2024 upon closing the transaction.

Pending Lodging Property Sales

In June 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 107-guestroom Courtyard by Marriott, Amarillo, TX for a selling price of $20.0 million. We reclassified the carrying value of the property to Assets held for sale, net at September 30, 2025 when the reclassification criteria were met during the third quarter of 2025. The sale of the property closed in October 2025 according to the terms of the agreement, and the GIC Joint Venture will recognize a gain on sale of approximately $4.2 million in the fourth quarter of 2025.
In July 2025, we entered into a purchase and sale agreement to sell the 123-guestroom Courtyard by Marriott in Kansas City, MO for a selling price of $19.0 million. We reclassified the carrying value of the property to Assets held for sale, net at September 30, 2025 when the reclassification criteria were met during the third quarter of 2025. We closed on the sale of the property in October 2025 according to the terms of the agreement and will recognize a gain on sale of approximately $2.5 million in the fourth quarter of 2025.

Assets Held for Sale, net

Assets held for sale, net is as follows (in thousands):
September 30, 2025December 31, 2024
Courtyard by Marriott - Amarillo, TX
$15,442 $— 
Courtyard by Marriott - Kansas City, MO
16,106 — 
Parcel of undeveloped land - San Antonio, TX
— 1,225 
$31,548 $1,225 
Intangible Assets

Intangible assets, net is as follows (in thousands):
September 30, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,864)(5,691)
Intangible assets, net$25,403 $26,576 

We recorded amortization expense related to intangible assets of approximately $0.4 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and $1.2 million and $2.9 million for the nine months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2024, the GIC Joint Venture received a $9.9 million tax incentive payment from the City of Dallas related to the NCI Transaction.

Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$391 
20261,564 
20271,510 
20281,016 
20291,016 
Thereafter9,072 
$14,569