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Pay vs Performance Disclosure
number in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table PAY VERSUS PERFORMANCE
Pay Versus Performance Tables
The following table sets forth information concerning the compensation actually paid to our Chief Executive Officer and to our
other NEOs compared to Company performance for the years ended December 31, 2025, 2024, 2023, 2022 and 2021.
The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the
Compensation Committee views the link between the Company’s performance and its NEOs’ pay. For a discussion of how the
Company views its executive compensation structure, including alignment with Company performance, see the section entitled
“Compensation Discussion and Analysis” beginning on page 37. The Compensation Committee did not consider the pay versus
performance disclosure below in making its pay decisions for any of the years shown.
Year
Summary
Compensation 
Table Pay for 
CEO(1)(2)
CAP to
CEO(3)
Average
Summary
Compensation
Table Pay for
 Other NEOs(1)(2) 
Average
CAP to
Other
NEOs(3)
Value of Initial Fixed
$100 Investment Based on:
TSR(4)
Peer
Group
TSR(4)
Net
(Loss)
Income(5)
Adjusted
EBITDA(5)(6)
2025
9,729,412
4,260,244
2,604,165
1,579,056
84.35
137.83
(277)
609
2024
 
10,399,192
 
9,198,252
 
2,695,442
 
2,478,627
101.00
133.97
 
226
652
2023
 
10,831,214
 
18,048,235
 
2,811,857
 
4,093,580
94.52
123.21
 
106
659
2022
 
9,390,019
 
(884,318)
 
2,384,748
 
677,877
68.89
108.34
 
173
606
2021
9,412,399
8,186,274
2,113,771
1,923,908
110.09
143.24
(452)
142
(1)For each year shown, the Chief Executive Officer was Mr. Baltimore and the other NEOs were Messrs. Dell’Orto, Mayfield and Morey and Ms. Vu.
(2)The values reflected in this column reflect the “Total” compensation set forth in the “Compensation Tables – Summary Compensation Table (“SCT”) on
page 58. See the footnotes to the SCT for further detail regarding the amounts in this column.  
(3)Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock
Awards” column of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end of the reported year of all
awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as
of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are
outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the
vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or
negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year;
(v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior
year; and (vi) adding the value of any dividends (or dividend equivalents) paid in the reporting year on unvested equity awards and the value of accrued
dividends (or dividend equivalents) paid on performance awards that vested in the reporting year. The following tables reflect the adjustments made to SCT
total compensation to compute CAP for our CEO and average CAP for our other NEOs. 		       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote For each year shown, the Chief Executive Officer was Mr. Baltimore and the other NEOs were Messrs. Dell’Orto, Mayfield and Morey and Ms. Vu.        
Peer Group Issuers, Footnote Reflects the cumulative TSR of the Company and Nareit Equity Index for the year ended December 31, 2021, the two-years ended December 31, 2022, the
three years ended December 31, 2023, the four years ended December 31, 2024, and the five years ended December 31, 2025, assuming a $100 investment
at the closing price on December 31, 2020 and the reinvestment of all dividends. 		       
PEO Total Compensation Amount $ 9,729,412 $ 10,399,192 $ 10,831,214 $ 9,390,019 $ 9,412,399
PEO Actually Paid Compensation Amount $ 4,260,244 9,198,252 18,048,235 (884,318) 8,186,274
Adjustment To PEO Compensation, Footnote Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock
Awards” column of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end of the reported year of all
awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as
of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are
outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the
vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or
negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year;
(v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior
year; and (vi) adding the value of any dividends (or dividend equivalents) paid in the reporting year on unvested equity awards and the value of accrued
dividends (or dividend equivalents) paid on performance awards that vested in the reporting year. The following tables reflect the adjustments made to SCT
total compensation to compute CAP for our CEO and average CAP for our other NEOs. 
Chief Executive Officer
Year
SCT Total
Comp
 
Minus
SCT
Equity
Awards
 
Plus
Value of
New
Unvested
Awards
 
Plus
Change
in Value
of Prior
Years
Unvested
Awards
 
Plus
Value of
New
Vested
Awards
 
Plus
Change in
Value of
Prior
Years
Vested
Awards
 
Minus
Value of
Forfeited
Prior
Years
Awards
 
Plus
Dividends on
Unvested
Awards/
Accrued
Dividends
 
Equals
CAP
2025
9,729,412
(5,967,307)
3,964,376
(2,702,750)
—
(1,871,381)
—
1,107,894
4,260,244
2024
10,399,192
(6,462,611)
5,254,756
(413,227)
—
 
(387,154)
(236,568)
1,043,864
9,198,252
2023
10,831,214
(7,389,520)
9,815,216
1,960,128
—
 
2,659,894
—
171,303
18,048,235
2022
9,390,019
(5,878,321)
2,317,708
(5,240,253)
—
16,025
(1,496,772)
 
7,276
(884,318)
2021
9,412,399
(6,300,489)
5,036,399
(685,665)
—
1,106,671
(778,925)
395,884
8,186,274
        
Non-PEO NEO Average Total Compensation Amount $ 2,604,165 2,695,442 2,811,857 2,384,748 2,113,771
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,579,056 2,478,627 4,093,580 677,877 1,923,908
Adjustment to Non-PEO NEO Compensation Footnote Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock
Awards” column of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end of the reported year of all
awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding the amount equal to the change as
of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any awards granted in any prior year that are
outstanding and unvested as of the end of the reporting year; (iii) adding, for awards that are granted and vest in the reporting year, the fair value as of the
vesting date; (iv) adding the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or
negative) of any awards granted in any prior year for which all applicable vesting conditions were satisfied at the end of or during the reporting year;
(v) subtracting, for any awards granted in any prior year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior
year; and (vi) adding the value of any dividends (or dividend equivalents) paid in the reporting year on unvested equity awards and the value of accrued
dividends (or dividend equivalents) paid on performance awards that vested in the reporting year. The following tables reflect the adjustments made to SCT
total compensation to compute CAP for our CEO and average CAP for our other NEOs. 
Other NEOs (Average)
Year
SCT Total
Comp
 
Minus
SCT
Equity
Awards
 
Plus
Value of
New
Unvested
Awards
 
Plus
Change
in Value
of Prior
Years
Unvested
Awards
 
Plus
Value
of New
Vested
Awards
 
Plus
Change
in Value
of Prior
Years
Vested
Awards
 
Minus
Value of
Forfeited
Prior
Years
Awards
 
Plus
Dividends on
Unvested
Awards/
Accrued
Dividends
 
Equals
CAP
2025
2,604,165
(1,166,982)
790,313
(509,682)
—
(355,688)
—
216,930
1,579,056
2024
2,695,442
(1,258,089)
1,027,952
(83,779)
—
 
(69,389)
(35,525)
202,015
 
2,478,627
2023
2,811,857
(1,467,465)
1,929,129
371,332
—
 
410,101
—
38,626
 
4,093,580
2022
2,384,748
(1,130,406)
464,671
(850,947)
—
8,940
(200,753)
1,624
 
677,877
2021
2,113,771
(1,073,739)
878,778
(71,186)
—
174,794
(150,293)
51,783
1,923,908
        
Compensation Actually Paid vs. Total Shareholder Return
29445
        
Compensation Actually Paid vs. Net Income
29450
        
Compensation Actually Paid vs. Company Selected Measure
29455
        
Total Shareholder Return Vs Peer Group
29445
        
Tabular List, Table
 
Most Important Financial Performance Measures
Relative TSR
Adjusted EBITDA
Hotel Adjusted EBITDA Margin
Portfolio RevPAR
Net Debt / TTM Adjusted EBITDA
        
Total Shareholder Return Amount $ 84.35 101.00 94.52 68.89 110.09
Peer Group Total Shareholder Return Amount 137.83 133.97 123.21 108.34 143.24
Net Income (Loss) $ (277,000,000) $ 226,000,000 $ 106,000,000 $ 173,000,000 $ (452,000,000)
Company Selected Measure Amount 609 652 659 606 142
PEO Name Mr. Baltimore        
Additional 402(v) Disclosure The values reflected in this column reflect the “Total” compensation set forth in the “Compensation Tables – Summary Compensation Table (“SCT”) on page 58. See the footnotes to the SCT for further detail regarding the amounts in this column. Amounts in millions.        
Measure:: 1          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Non-GAAP Measure Description See Appendix A for a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure.        
Measure:: 3          
Pay vs Performance Disclosure          
Name Hotel Adjusted EBITDA Margin        
Measure:: 4          
Pay vs Performance Disclosure          
Name Portfolio RevPAR        
Measure:: 5          
Pay vs Performance Disclosure          
Name Net Debt / TTM Adjusted EBITDA        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (5,967,307) $ (6,462,611) $ (7,389,520) $ (5,878,321) $ (6,300,489)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,964,376 5,254,756 9,815,216 2,317,708 5,036,399
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,702,750) (413,227) 1,960,128 (5,240,253) (685,665)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,871,381) (387,154) 2,659,894 16,025 1,106,671
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 (236,568) 0 (1,496,772) (778,925)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,107,894 1,043,864 171,303 7,276 395,884
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,166,982) (1,258,089) (1,467,465) (1,130,406) (1,073,739)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 790,313 1,027,952 1,929,129 464,671 878,778
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (509,682) (83,779) 371,332 (850,947) (71,186)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (355,688) (69,389) 410,101 8,940 174,794
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 (35,525) 0 (200,753) (150,293)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 216,930 $ 202,015 $ 38,626 $ 1,624 $ 51,783