Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Investments in lodging property, net	$ 2,592,231	$ 2,640,367
Assets held for sale, net	18,405	11,967
Cash and cash equivalents	44,773	36,110
Restricted cash	5,661	5,102
Right-of-use assets, net	31,563	32,028
Trade receivables, net	23,528	17,347
Prepaid expenses and other	14,610	7,104
Deferred charges, net	5,585	10,051
Other assets	18,208	15,954
Total assets	2,754,564	2,776,030
Liabilities:
Debt, net of debt issuance costs	1,396,385	1,394,014
Lease liabilities, net	23,749	24,091
Accounts payable	7,128	7,537
Accrued expenses and other	77,682	76,417
Total liabilities	1,504,944	1,502,059
Commitments and contingencies (Note 11)	0	0
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, 108,414,307 and 108,798,686 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1,084	1,088
Additional paid-in capital	1,259,345	1,264,470
Accumulated other comprehensive income	4,265	2,115
Accumulated deficit and distributions in excess of retained earnings	(424,392)	(405,622)
Total stockholders’ equity	840,406	862,155
Non-controlling interests	358,995	361,597
Total equity	1,199,401	1,223,752
Total liabilities, redeemable non-controlling interests and equity	2,754,564	2,776,030
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