Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Investment in hotel properties, net	$ 4,081,044	$ 4,112,387
Investment in unconsolidated joint ventures	7,394	7,357
Cash and cash equivalents	353,084	410,160
Restricted cash reserves	34,375	31,901
Hotel and other receivables, net of allowance of $156 and $170, respectively	31,375	29,643
Lease right-of-use assets	122,429	123,524
Prepaid expense and other assets	65,531	27,158
Total assets	4,695,232	4,742,130
Liabilities and Equity
Debt, net	2,190,370	2,197,218
Accounts payable and other liabilities	137,071	141,568
Advance deposits and deferred revenue	51,859	51,029
Lease liabilities	118,002	118,189
Accrued interest	10,608	20,532
Distributions payable	30,516	30,934
Total liabilities	2,538,426	2,559,470
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Preferred shares	366,936	366,936
Common shares	1,520	1,511
Additional paid-in capital	2,978,612	2,977,616
Distributions in excess of net earnings	(1,207,648)	(1,178,456)
Accumulated other comprehensive income	4,574	1,919
Total shareholders’ equity	2,143,994	2,169,526
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	5,548	5,696
Noncontrolling interest in consolidated joint ventures	7,264	7,438
Total noncontrolling interests	12,812	13,134
Total equity	2,156,806	2,182,660
Total liabilities and equity	$ 4,695,232	$ 4,742,130
Common shares of beneficial interest, shares issued	151,975,812	151,085,078
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01