Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investments in lodging property, net	$ 2,640,367	$ 2,746,765
Investment in lodging property under development	0	7,617
Assets held for sale, net	11,967	1,225
Cash and cash equivalents	36,110	40,637
Restricted cash	5,102	7,721
Right-of-use assets, net	32,028	33,309
Trade receivables, net	17,347	18,625
Prepaid expenses and other	7,104	9,580
Deferred charges, net	10,051	6,460
Other assets	15,954	24,291
Total assets	2,776,030	2,896,230
Liabilities:
Debt, net of debt issuance costs	1,394,014	1,396,710
Lease liabilities, net	24,091	24,871
Accounts payable	7,537	7,450
Accrued expenses and other	76,417	82,153
Total liabilities	1,502,059	1,511,184
Commitments and contingencies (Note 12)
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, 108,798,686 and 108,435,663 shares issued and outstanding at December 31, 2025 and 2024 respectively	1,088	1,084
Additional paid-in capital	1,264,470	1,246,225
Accumulated other comprehensive income	2,115	9,173
Accumulated deficit and distributions in excess of retained earnings	(405,622)	(347,041)
Total stockholders’ equity	862,155	909,545
Non-controlling interests	361,597	425,282
Total equity	1,223,752	1,334,827
Total liabilities, redeemable non-controlling interests and equity	2,776,030	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