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DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Debt, net of debt issuance costs, is as follows (in thousands):
March 31, 2026December 31, 2025
Revolving debt$150,000 $125,000 
Term loans1,183,430 915,730 
Convertible notes— 287,500 
Mortgage loans75,724 75,913 
 1,409,154 1,404,143 
Unamortized debt issuance costs (1)
(12,769)(10,129)
Debt, net of debt issuance costs
$1,396,385 $1,394,014 

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

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered Properties		March 31, 2026December 31, 2025
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
5.81% Variable
6/21/20276/21/2028n/a$25,000 $— 
$200 Million Term Loan (1)
5.77% Variable
6/21/2026(2)6/21/2028n/a200,000 200,000 
Total Senior Credit Facility225,000 200,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a— 287,500 
Term Loans
Regions Bank 2024 Term Loan Facility (1)
5.67% Variable
2/26/20272/26/2029n/a200,000 200,000 
2025 Delayed Draw Term Loan (1)
5.76% Variable
3/27/20283/27/2030n/a275,000 — 
475,000 200,000 
Total Operating Partnership Debt
700,000 687,500 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
Wells Fargo Bank, N.A.
6.27% Variable
5/15/20285/15/20302 58,000 58,000 
58,000 58,000 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (3)
5.82% Variable
9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan (3)
5.77% Variable
9/15/20279/15/2028n/a125,000 125,000 
Bank of America, N.A. 2025 Term Loan (4)
6.02% Variable
7/24/20287/24/2030n/a383,430 390,730 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,180 12,253 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,544 5,660 
Total GIC Joint Venture Credit Facility and Term Loans1651,154 658,643 
Total Joint Venture Debt3 709,154 716,643 
Total Debt3 $1,409,154 $1,404,143 

(1)    The 2023 Senior Credit Facility, the Regions Bank 2024 Term Loan Facility, and the 2025 Delayed Draw Term Loan are supported by a borrowing base of 52 unencumbered hotel properties and their affiliates.
(2)    In March 2026, we exercised our first option to extend the maturity date of the $200 Million Term Loan for 12 months to June 2027.
(3)    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.
(4)    The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities that own 23 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):
 
March 31, 2026PercentageDecember 31, 2025Percentage
Fixed-rate debt (1)
$700,724 50%$988,413 70%
Variable-rate debt708,430 50%415,730 30%
$1,409,154 $1,404,143 

(1)    At March 31, 2026, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 50% 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):
March 31, 2026December 31, 2025 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$— $— $287,500 $287,500 Level 1 - Market approach
Mortgage loans17,724 17,612 17,913 17,849 Level 2 - Market approach
$17,724 $17,612 $305,413 $305,349