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DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Debt, net of debt issuance costs, is as follows (in thousands):

September 30, 2025December 31, 2024
Revolving debt$145,000 $135,000 
Term loans925,000 921,037 
Convertible notes287,500 287,500 
Mortgage loans75,983 64,470 
 1,433,483 1,408,007 
Unamortized debt issuance costs (1)
(11,706)(11,297)
Debt, net of debt issuance costs
$1,421,777 $1,396,710 

(1)    In March 2025, we paid $4.3 million in bank, legal and other fees related to the $275 million 2025 Delayed Draw Term Loan (as described in further detail below) that are included in Deferred charges, net on our Condensed Consolidated Balance Sheet. These costs will be reclassified as a discount to the related debt at the time the funds are drawn, which is expected to coincide with the repayment of the Convertible Notes upon their maturity in February 2026.
Detailed information about our debt at September 30, 2025 and December 31, 2024 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered Properties		September 30, 2025December 31, 2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
6.37% Variable
6/21/20276/21/2028n/a$20,000 $10,000 
$200 Million Term Loan (1)
6.32% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit Facility220,000 210,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a287,500 287,500 
Term Loans
Regions Bank 2024 Term Loan Facility (1)
6.32% Variable
2/26/20272/26/2029n/a200,000 200,000 
$275 Million 2025 Delayed Draw Term Loan (1)
6.13% Variable
3/27/20283/27/2030n/a— — 
200,000 200,000 
Total Operating Partnership Debt
707,500 697,500 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
n/a
6/9/20256/9/2025n/a— 46,060 
Wells Fargo Bank, N.A.
6.88% Variable
5/15/20285/15/20302 58,000 — 
58,000 46,060 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (2)
6.57% Variable
9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan (2)
6.52% Variable
9/15/20279/15/2028n/a125,000 125,000 
Bank of America, N.A. 2022 Term Loan
n/a
n/a
n/an/a— 396,037 
Bank of America, N.A. 2025 Term Loan (3)
6.67% Variable
7/24/20287/24/2030n/a400,000 — 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,323 12,526 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,660 5,884 
Total GIC Joint Venture Credit Facility and Term Loans1667,983 664,447 
Total Joint Venture Debt3 725,983 710,507 
Total Debt3 $1,433,483 $1,408,007 

(1)    The 2023 Senior Credit Facility, the Regions Bank 2024 Term Loan Facility, and the $275 Million 2025 Delayed Draw Term Loan are supported by a borrowing base of 53 unencumbered hotel properties and their affiliates.
(2)    The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities that own 15 lodging properties and affiliated entities.
(3)    The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities that own 25 lodging properties and two parking garages and their affiliates.
Schedule of Fixed-rate and Variable-rate Debt, after Giving Effect to Interest Rate Derivative
Our total fixed-rate and variable-rate debt, after consideration of our interest rate derivative agreements that are currently in effect, is as follows (in thousands):
 
September 30, 2025PercentageDecember 31, 2024Percentage
Fixed-rate debt (1)
$988,483 69%$930,910 66%
Variable-rate debt445,000 31%477,097 34%
$1,433,483 $1,408,007 

(1)    At September 30, 2025, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect.
Schedule of Fair Value of Fixed-rate that is Debt Not Recorded at Fair Value
Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands):
 
September 30, 2025December 31, 2024 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $282,526 $287,500 $278,766 Level 1 - Market approach
Mortgage loans17,983 17,885 18,410 17,344 Level 2 - Market approach
$305,483 $300,411 $305,910 $296,110