Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Investment in hotel properties, net	$ 4,112,387	$ 4,250,524
Investment in unconsolidated joint ventures	7,357	7,457
Cash and cash equivalents	410,160	409,809
Restricted cash reserves	31,901	23,516
Accounts Receivable, after Allowance for Credit Loss	29,643	25,494
Lease right-of-use assets	123,524	128,111
Prepaid expense and other assets	27,158	38,968
Total assets	4,742,130	4,883,879
Liabilities and Equity
Debt, net	2,197,218	2,220,081
Accounts payable and other liabilities	141,568	154,643
Advance deposits and deferred revenue	51,029	40,242
Lease liabilities	118,189	119,102
Accrued interest	20,532	20,900
Distributions payable	30,934	30,634
Total liabilities	2,559,470	2,585,602
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2025 and 2024	366,936	366,936
Common Stock, Value, Issued	1,511	1,533
Additional paid-in capital	2,977,616	2,992,487
Accumulated other comprehensive income	1,919	13,788
Distributions in excess of net earnings	(1,178,456)	(1,090,186)
Total shareholders’ equity	2,169,526	2,284,558
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	7,438	7,589
Noncontrolling interest in the Operating Partnership	5,696	6,130
Total noncontrolling interest	13,134	13,719
Total equity	2,182,660	2,298,277
Total liabilities and equity	$ 4,742,130	$ 4,883,879