INVESTMENTS IN LODGING PROPERTY, NET (Tables)

3 Months Ended

Mar. 31, 2026

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):

	March 31, 2026		December 31, 2025
Lodging buildings and improvements	$	2,864,391	$	2,885,464
Land	407,549		410,692
Furniture, fixtures and equipment	308,466		308,621
Construction in progress	23,125		26,111
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,640,374		3,667,731
Less accumulated depreciation and amortization	(1,048,143)		(1,027,364)
	$	2,592,231	$	2,640,367

Schedule of Asset Held for Sale

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

	March 31, 2026			December 31, 2025
Courtyard by Marriott and Residence Inn - Dallas (Arlington South), TX	$	18,405	(1)	$	—
Hilton Garden Inn - Longview, TX	—			11,967		(1)
	$	18,405		$	11,967

(1)    Carrying amounts are the sales price less the estimated costs to sell (Level 2 of the fair value hierarchy).

Schedule of Indefinite-Lived Intangible Assets

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

	March 31, 2026		December 31, 2025
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	(7,646)		(7,255)
Intangible assets, net	$	24,621	$	25,012

Schedule of Finite-Lived Intangible Assets

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

	March 31, 2026		December 31, 2025
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	(7,646)		(7,255)
Intangible assets, net	$	24,621	$	25,012

Schedule of Future Amortization Expenses

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

For the Year Ending December 31,	Amount
2026	$	1,173
2027	1,510
2028	1,016
2029	1,016
2030	1,016
Thereafter	8,056
	$	13,787