Investments in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Investments in Hotel Properties, Net

Investments in hotel properties, net consisted of the following (in thousands):

	December 31, 2025		December 31, 2024
Land	$	576,362	$	630,842
Buildings and improvements	1,116,816		1,430,096
Furniture, fixtures and equipment	179,984		158,470
Construction in progress	16,420		20,420
Residences	12,746		12,746
Total cost	1,902,328		2,252,574
Accumulated depreciation	(344,061)		(473,888)
Investments in hotel properties, net	$	1,558,267	$	1,778,686

Schedule of Hotel Fair Value as a Result of Impairment Charges

The following table presents our hotel property measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2025, and the related impairment charge recorded (in thousands):

	Fair Value as of December 31, 2025								Year Ended December 31, 2025
	Level 1		Level 2		Level 3		Total		Impairment Charges
Sofitel Chicago Magnificent Mile	$	—	$	—	$	79,100	$	79,100	$	30,256	(1)
Hotel Yountville	—		—		70,300		70,300		15,564		(1)
Bardessono Hotel & Spa (2)	—		—		74,000		74,000		8,672		(1)

_____________________________

(1)    The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the year ended December 31, 2025.

(2)     Inclusive of “right-of-use asset.”