INVESTMENTS IN LODGING PROPERTY, NET (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Schedule of Investment in Lodging Properties, Net

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:

Classification	Estimated Useful Lives
Buildings and improvements	6 to 40 years
Furniture, fixtures and equipment	2 to 15 years

Investments in lodging property, net is as follows (in thousands):

	September 30, 2025		December 31, 2024
Lodging buildings and improvements	$	2,885,139	$	2,867,256
Land	411,975		415,574
Furniture, fixtures and equipment	304,156		296,476
Construction in progress	35,980		35,294
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,674,093		3,651,443
Less accumulated depreciation and amortization	(996,919)		(904,678)
	$	2,677,174	$	2,746,765

Schedule of Asset Held for Sale

Assets held for sale, net is as follows (in thousands):

	September 30, 2025		December 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

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net is as follows (in thousands):

	September 30, 2025		December 31, 2024
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:
Tax incentives	12,063		12,063
Key money	9,370		9,370
	21,433		21,433
Intangible assets	32,267		32,267
Less - accumulated amortization	(6,864)		(5,691)
Intangible assets, net	$	25,403	$	26,576

Schedule of Finite-Lived Intangible Assets

Intangible assets, net is as follows (in thousands):

	September 30, 2025		December 31, 2024
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:
Tax incentives	12,063		12,063
Key money	9,370		9,370
	21,433		21,433
Intangible assets	32,267		32,267
Less - accumulated amortization	(6,864)		(5,691)
Intangible assets, net	$	25,403	$	26,576

Schedule of Future Amortization Expenses

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

For the Year Ending December 31,	Amount
2025	$	391
2026	1,564
2027	1,510
2028	1,016
2029	1,016
Thereafter	9,072
	$	14,569