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Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company's debt consisted of the following (in thousands):
December 31, 2025December 31, 2024
Senior Notes, net$996,401 $994,037 
Revolver Outstanding— 100,000 
Term Loans, net1,020,057 918,707 
Mortgage loans, net180,760 207,337 
Debt, net$2,197,218 $2,220,081 
Schedule of Senior Notes
The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):
Carrying Value at
Interest Rate at December 31, 2025Maturity DateDecember 31, 2025December 31, 2024
2029 Senior Notes (1)(2)4.00%September 2029$500,000 $500,000 
2026 Senior Notes (1)(3)3.75%July 2026500,000 500,000 
1,000,000 1,000,000 
Deferred financing costs, net(3,599)(5,963)
Total senior notes, net$996,401 $994,037 

(1)Requires payments of interest only through maturity.
(2)The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at a redemption price of (i) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (ii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any.
(3)The Company has the option to redeem its 3.75% senior notes due 2026 (the "2026 Senior Notes") at a redemption price of 100.0% of the principal amount, plus accrued and unpaid interest, if any.
Schedule of Debt Covenants
A summary of the various restrictive covenants for the Senior Notes are as follows:
Covenant
Compliance
December 31, 2025
Maintenance Covenant
Unencumbered Asset to Unencumbered Debt Ratio
> 150.0%
Yes
Incurrence Covenants
Consolidated Indebtedness less than Adjusted Total Assets
< .65x
Yes
Consolidated Secured Indebtedness less than Adjusted Total Assets
< .45x
Yes
Interest Coverage Ratio
> 1.5x
Yes
The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:
Covenant
Compliance
December 31, 2025
Leverage ratio (1)
<= 7.25x
Yes
Fixed charge coverage ratio (2)
 >= 1.50x
Yes
Secured indebtedness ratio
<= 45.0%
Yes
Unencumbered indebtedness ratio
<= 60.0%
Yes
Unencumbered debt service coverage ratio
 >= 2.00x
Yes

(1)Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements.
(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of unsecured credit agreements The Company's unsecured credit agreements consisted of the following (in thousands):
Carrying Value at
Interest Rate at December 31, 2025 (1)Maturity DateDecember 31, 2025December 31, 2024
Revolver (2)—%May 2027$— $100,000 
$500 Million Term Loan Maturing 2027
4.85%September 2027 (3)500,000 500,000 
$300 Million Term Loan Maturing 2028 (4)
5.54%April 2028 (3)300,000 200,000 
$225 Million Term Loan Maturing 2026 (5)
5.01%May 2026 (3)225,000 225,000 
1,025,000 1,025,000 
Deferred financing costs, net (6)(4,943)(6,293)
Total Revolver and Term Loans, net$1,020,057 $1,018,707 

(1)Interest rate at December 31, 2025 gives effect to interest rate hedges.
(2)At December 31, 2025 and 2024, there was $600.0 million and $500.0 million, respectively, of borrowing capacity on the Revolver. In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to obtaining additional commitments from new or existing lenders and the satisfaction of certain customary conditions. The Company also has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied.
(3)As of December 31, 2025, this term loan includes two one-year extension options at the Company's discretion, subject to certain conditions.
(4)In April 2025, the Company refinanced this term loan to increase the loan amount to $300.0 million and extend the initial maturity to April 2028, with two additional one-year extension options at the Company's discretion, subject to certain conditions.
(5)In February 2026, the Company refinanced this term loan to extend the scheduled maturity date to February 2031 and upsize it to a delayed draw term loan of $569.0 million, of which $225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company.
(6)Excludes $2.2 million and $3.9 million as of December 31, 2025 and 2024, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans
The Company's mortgage loans consisted of the following (in thousands):
Carrying Value at
Number of Assets EncumberedInterest Rate at December 31, 2025Maturity DateDecember 31, 2025December 31, 2024
Mortgage loan (1)(2)25.39%(4)April 2026(5)$69,750 $96,000 
Mortgage loan (1)45.39%(4)April 2026(5)85,000 85,000 
Mortgage loan (3)15.06%January 202926,112 26,472 
7180,862 207,472 
Deferred financing costs, net(102)(135)
Total mortgage loans, net$180,760 $207,337 
(1)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.
(2)In December 2025, the Company paid down $26.3 million of this mortgage loan in connection with the sale of one of the hotels securing this mortgage loan.
(3)Includes $1.1 million and $1.5 million at December 31, 2025 and 2024, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity.
(4)Interest rate at December 31, 2025 gives effect to interest rate hedges.
(5)In April 2025, the Company exercised the final option to extend the maturity to April 2026. In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. On the $69.8 million and $85.0 million mortgage loans, the Company paid down approximately $1.5 million and $3.9 million, respectively, in principal in connection with the amendments. The amended $69.8 million mortgage loan ($68.3 million after principal paydown) allows a future advance of up to $23.4 million by April 2026 with the addition of another hotel property previously unencumbered, with the combined outstanding principal balance of both mortgage loans not to exceed $164.4 million. The mortgage loans require payments of interest only through maturity.
Components of interest expense
The components of the Company's interest expense consisted of the following (in thousands):
For the year ended December 31,
202520242023
Senior Notes$38,764 $38,764 $38,764 
Revolver and Term Loans54,851 50,928 31,000 
Mortgage loans10,555 13,451 21,014 
Amortization of deferred financing costs7,551 6,623 6,100 
Non-cash interest expense related to interest rate
hedges		577 1,592 1,929 
Total interest expense$112,298 $111,358 $98,807 
Future minimum principal payments
As of December 31, 2025, excluding extension options, the future minimum principal payments were as follows (in thousands):
2026$879,750 
2027500,000 
2028300,000 
2029525,000 
2030— 
Thereafter— 
Total (1)$2,204,750 
(1)Excludes a $1.1 million fair value adjustment on debt.