Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Assets Carried at Fair Value Categorized by Level of Inputs

The table below presents certain of our assets carried at fair value at March 31, 2025, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.


			Fair Value at Reporting Date Using
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1)	$	124,400	$	—	$	124,400	$	—

(1)We recorded impairment charges totaling $37,067 during the three months ended March 31, 2025, to reduce the carrying value of 16 hotels in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $2,633, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).

Schedule of Fair Values of Financial Instruments

At March 31, 2025 and December 31, 2024, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:


	March 31, 2025				December 31, 2024
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value





Senior Unsecured Notes, due 2026 at 5.25%	$	349,012	$	347,673	$	348,730	$	339,889
Senior Unsecured Notes, due 2026 at 4.75%	449,110		440,987		448,957		425,237
Senior Unsecured Notes, due 2027 at 4.95%	398,617		388,760		398,428		373,796
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%	447,040		434,066		446,758		420,809
Net Lease Mortgage Notes, due 2028 at 5.60%	570,760		593,678		568,283		585,236
Senior Unsecured Notes, due 2028 at 3.95%	396,792		362,592		396,505		335,056
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%	683,886		699,692		682,934		676,725
Senior Unsecured Notes, due 2029 at 4.95%	421,466		350,961		421,269		338,071
Senior Unsecured Notes, due 2030 at 4.375%	394,473		308,884		394,189		301,752
Senior Secured Notes, due 2031 at 8.625%	973,088		1,054,910		972,073		1,040,590
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%	483,158		494,810		482,577		462,755
Total financial liabilities	$	5,567,402	$	5,477,013	$	5,560,703	$	5,299,916

(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.