SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We have investments in lodging properties located in 24 states of the USA. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our Chief Operating Decision Maker (“CODM”), evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distribute their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in “Note 2 - Basis of Presentation and Significant Accounting Policies” to the Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.

Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Lodging property revenues:
Room	$	162,564	$	163,731
Food and beverage	11,460		10,990
Other	11,029		9,757
Total revenues	185,053		184,478
Lodging property expenses:
Room	36,347		36,132
Sales and marketing	23,983		23,750
Administrative and general	14,533		14,495
Property taxes, insurance and other	13,884		13,311
Food and beverage	8,520		7,991
Property operations & maintenance	7,829		7,821
Utility costs	7,630		7,038
Management fees	4,221		4,495
Other lodging property expenses	4,675		3,818
Total lodging property expenses	121,622		118,851
Hotel EBITDA	$	63,431	$	65,627

A reconciliation of (Loss) income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
(Loss) income from continuing operations before income taxes	$	(5,021)	$	1,377
Adjusted for:
Depreciation and amortization	36,774		37,230
Corporate general and administrative	8,845		8,571
Loss on write-down of assets	3,641		—
Loss (gain) on disposal of assets, net	40		(1)
Interest expense	20,450		19,956
Interest income	(246)		(276)
Other income, net	(1,052)		(1,230)
Hotel EBITDA	$	63,431	$	65,627