Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
		2026		2025
REVENUE
Rooms		$	128,801	$	136,092
Food and beverage		52,342		51,788
Other hotel revenue		27,840		27,940
Total hotel revenue		$	208,983	$	215,820
EXPENSES
Hotel expenses:
Rooms		$	24,878	$	28,219
Food and beverage		38,910		40,210
Direct expenses		10,010		9,459
Indirect expenses:
Property, general and administration		14,535		15,398
Sales and marketing		12,426		13,173
Information and telecommunications systems		2,007		2,075
Repairs and maintenance		6,867		7,772
Energy		6,429		5,859
Lease expense		543		554
Ownership expenses		1,076		982
Incentive management fee		5,142		4,229
Management fees		6,074		6,737
Property taxes		1,175		5,951
Other taxes		79		468
Insurance		3,369		3,993
Total expenses		133,520		145,079
Hotel adjusted EBITDA		$	75,463	$	70,741














	Three Months Ended March 31,
		2026		2025
Hotel adjusted EBITDA		$	75,463	$	70,741
Ownership expenses included in other hotel expenses		(843)		(875)
Ownership expenses included in property taxes, insurance and other		(29)		(53)
Management fees		(120)		(173)
Depreciation and amortization		(22,579)		(23,395)

Advisory services fee		(7,404)		(6,611)

Corporate general and administrative		(4,867)		(2,894)
Gain (loss) on disposition of assets and hotel properties		3		—
Equity in earnings (loss) of unconsolidated entities		(31)		—
Interest income		810		1,888

Interest expense and amortization of discounts and loan costs		(21,195)		(24,827)
Write-off of loan costs and exit fees		(5)		(1,464)


Realized and unrealized gain (loss) on derivatives		248		(198)
Income tax (expense) benefit		(1,417)		(1,467)
Net income (loss)		$	18,034	$	10,672