Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer.

The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment.

The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at the Company’s hotel properties.

The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense, adjusted for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table presents information about profit or loss for the hotel segment:

	For the Years Ended December 31,
	2025		2024		2023
Revenues
Room revenue	$	1,093,265	$	1,121,586	$	1,095,028
Food and beverage revenue	158,218		153,108		141,625
Other revenue	98,377		94,746		88,924
Total revenues	1,349,860		1,369,440		1,325,577
Operating expenses
Room expense	293,405		288,567		277,058
Food and beverage expense	119,799		117,766		109,707
Management and franchise fee expense	102,757		107,978		107,417
Other operating expenses	371,558		363,631		340,485
Total operating expenses	887,519		877,942		834,667
Property tax, insurance and other	101,315		107,043		100,229
Other, net (1)	(8,052)		(14,300)		(11,535)
Hotel EBITDA	$	369,078	$	398,755	$	402,216

(1)    Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:

	For the Years Ended December 31,
	2025		2024		2023
Income before income tax expense	$	29,702	$	69,790	$	77,873
Depreciation and amortization	186,356		179,431		179,103
Interest expense, net of interest income	98,718		94,044		79,064
General and administrative	47,644		54,804		58,998
Loss (gain) on sale of hotel properties, net	1,526		(8,262)		34
Other, net	5,132		8,948		7,144
Hotel EBITDA	$	369,078	$	398,755	$	402,216

A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.