Investments in Hotel Properties, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Investments in Hotel Properties, Net

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

	March 31, 2026		December 31, 2025
Land	$	576,362	$	576,362
Buildings and improvements	1,117,429		1,116,816
Furniture, fixtures and equipment	187,613		179,984
Construction in progress	12,177		16,420
Residences	12,746		12,746
Total cost	1,906,327		1,902,328
Accumulated depreciation	(361,588)		(344,061)
Investments in hotel properties, net	$	1,544,739	$	1,558,267