Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The tables below present information about our segments.

	Three Months Ended March 31, 2025
	Hotels		Net Lease		Total
Revenues:
Hotel operating revenues	$	334,963	$	—	$	334,963
Rental income	—		100,216		100,216
Total revenues	334,963		100,216		435,179
Less (plus):
Labor and benefits (1)	138,689		841		139,530
Management fees	12,485		2,087		14,572
Real estate taxes and insurance	29,613		788		30,401
Other operating expenses (2)	125,053		1,912		126,965
Depreciation and amortization	53,743		35,357		89,100
Interest expense	—		12,126		12,126
Other segment items (3)	36,698		(490)		36,208
Segment (loss) profit	(61,318)		47,595		(13,723)
Reconciliation of segment profit or loss:
General and administrative					(9,556)
Transaction costs					(29)
Interest income					1,054
Interest expense					(89,391)
Income tax expense					(843)
Equity in losses of an investee					(3,947)
Net loss					$	(116,435)

(1)    Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 10.

(2)    Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties.

(3)    Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.

	Three Months Ended March 31, 2024
	Hotels		Net Lease		Total
Revenues:
Hotel operating revenues	$	336,236	$	—	$	336,236
Rental income	—		100,014		100,014
Total revenues	336,236		100,014		436,250
Less (plus):
Labor and benefits (1)	135,998		1,011		137,009
Management fees	12,295		1,484		13,779
Real estate taxes and insurance	33,511		690		34,201
Other operating expenses (2)	123,282		1,538		124,820
Depreciation and amortization	55,086		38,021		93,107
Interest expense	—		11,517		11,517
Other segment items (3)	773		4,473		5,246
Segment (loss) profit	(24,709)		41,280		16,571
Reconciliation of segment profit or loss:
General and administrative					(10,506)
Interest income					1,794
Interest expense					(79,897)
Income tax expense					(1,007)
Equity in losses of an investee					(5,338)
Net loss					$	(78,383)

(1)    Labor and benefits for our net lease investments segment include property level expense reimbursements as discussed in Note 10.

(2)    Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs incurred in connection with the operation of our properties.

(3)    Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable.

	As of March 31, 2025		As of December 31, 2024
Assets:
Hotels	$	3,849,611	$	3,897,132
Net Lease	2,911,420		2,942,585
Corporate	215,048		279,841
Total assets	$	6,976,079	$	7,119,558
	Three Months Ended March 31,
	2025		2024
Capital expenditures:
Hotels	$	45,121	$	68,340
Net Lease	748		442
Total capital expenditures	$	45,869	$	68,782