0001298946-24-000011 | 10-K | XBRL Viewer | Diamondrock Hospitality Co

Print Document View Excel Document

Leases - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended		12 Months Ended
Leases - Ground Leases Annual Rent (Details) - USD ($)	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2023
Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			5.50%
Courtyard New York Manhattan/Fifth Avenue \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term			30 years
Westin Boston Seaport District mortgage loan \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.50%
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			2.50%
Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Percentage rent			$ 30,000,000
Participation rent			42,000,000
Through 4/2087 \| Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,021,214
10/2017 - 9/2027 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,132,812
10/2027 - 9/2037 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,416,015
10/2037 - 9/2047 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,770,019
10/2047 - 9/2057 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,212,524
10/2057 - 9/2067 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,765,655
10/2067 - 9/2077 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			3,457,069
10/2077 - 9/2085 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			4,321,336
Through 12/2106 \| Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 132,000
Annual rent expense (as a percentage of gross room sales)			2.60%
1/2018 - 12/2056 \| Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 15,738
Annual increase in rent			2.00%
1/2021 - 12/2025 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 1,000,000
1/2026 - 12/2030 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,500,000
1/2026 - 12/2030 \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual rent			60,000
1/2031 - 12/2035 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,750,000
1/2036 - 5/2099 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 0
6/2016 - 5/2026 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.00%
6/2026 - 5/2036 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.50%
6/2036 - 5/2046 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.75%
6/2046 - 5/2056 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
6/2056 - 5/2066 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.25%
6/2066 - 5/2099 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.50%
1/2021 - 12/2025 \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 55,000
7/2018 - 12/2070 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent			145,175
4/2022 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			36,345
1/2022 - 6/2033 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			312,000
7/2033 - 6/2043 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			234,000
7/2043 - 6/2053 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			156,000
7/2053 - 6/2063 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			78,000
7/2063 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			0
1/2019 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 67,034
Rent increase (in years)		5 years
Average adjusted gross revenues, period		3 years
Adjusted gross revenues, multiplying percentage		75.00%
1/2019 - 12/2023 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.00%
1/2024 - 12/2028 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
1/2029 - 12/2033 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			4.00%
1/2034 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Through 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			10.00%
Through 7/2069 \| Bourbon Orleans Hotel parking sublease
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 36,000
Rent increase (in years)			5 years
Annual rent increases			$ 6,000
Forecast \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Rent increase (in years)	1 year

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):


	December 31,
	2023		2022
Land	$	590,824	$	577,861
Land improvements	7,994		7,994
Buildings	2,878,508		2,798,654
Furniture, fixtures and equipment	561,484		525,901
Construction in progress	21,175		32,422
	4,059,985		3,942,832
Less: accumulated depreciation	(1,304,790)		(1,194,356)
	$	2,755,195	$	2,748,476

As of December 31, 2023 and 2022, we had accrued capital expenditures of $4.7 million and $8.0 million, respectively.

During the year ended December 31, 2023, we recorded impairment losses of $0.9 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2022, we recorded an impairment loss of $2.8 million on the right-to-manage intangible asset related to the rental management agreements at Tranquility Bay Beachfront Resort upon our acquisition of four third-party owned units. During the year ended December 31, 2021, we recorded impairment losses of $126.7 million related to two hotels we sold during the year ended December 31, 2021 (as discussed in Note 4).

Fair Value Measurements - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	$ 1,177,005	$ 1,185,793
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	1,177,005	1,185,793
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,167,638	$ 1,148,533

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 11,106	$ 11,255
Variable lease payments	1,687	1,576
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,995	$ 4,087

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership.
Reclassification	Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect the Company's financial position, results of operations, or cash flows. An adjustment was made to the consolidated balance sheet for the year ended December 31, 2022 to combine mortgage debt, net of unamortized debt issuance costs and unsecured term loans, net of unamortized debt issuance costs as debt, net of unamortized debt issuance costs. An adjustment was made to the consolidated statements of operations and comprehensive income for the year ended December 31, 2022 to present other departmental and support expenses and other property-level expenses, which were previously reported in total as other hotel expenses.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 5 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations and comprehensive income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less.
Revenue Recognition	Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are recognized as revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Income Taxes	Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries. We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations and comprehensive income. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no uncertain tax positions as of December 31, 2023 and 2022.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period.
Share-Based Payments	Share-Based Payments The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three to five years from the date of grant. Vested restricted stock awards are settled for the Company's common stock. The grant date fair value per share is equal to the closing stock price on the date of grant. Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from a zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo Simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes in connection with our variable rate debt. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. On the date the derivative contract is entered into, or at a later point in time, we may designate the derivative as a hedging instrument, and, if so, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. Changes in the fair value of a derivative that was determined to be an effective cash flow hedge is reported in other comprehensive income (loss) and is reclassified to interest expense in the same period during which the hedged transaction affects earnings. If we do not specifically designate the derivative as a cash flow hedge, changes in the fair value of the undesignated derivative instrument are reported in current period earnings.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 9 for additional details. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements.
Debt Issuance Costs	Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. Debt issuance costs related to our senior unsecured credit facility are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the credit facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. If a refinancing of our debt is considered an extinguishment, unamortized debt issuance costs are included in the gain or loss on extinguishment. All fees paid to or received from creditors are included in the gain or loss on extinguishment. Fees paid to third parties are capitalized as debt issuance costs. If a refinancing of our debt is considered a modification, the net debt issuance costs at the time of modification are amortized over the remaining life of the modified debt.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel-level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis.
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. We have concentration risk related to one of our hotel properties. In 2023, Chicago Marriott represented 10% of total revenues, total assets, and income before taxes.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. All of our hotels meet the aggregation criteria established by U.S. GAAP for segment reporting, and as a result, we have one reportable segment.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Income Taxes - Income Tax Provisions, Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Income Tax Expense (Benefit)
Federal	$ (84)	$ 901	$ 2,759
State	1,376	2,487	40
Current	1,292	3,388	2,799
Deferred Income Tax Expense (Benefit)
Federal	492	1,090	5,190
State	(486)	2,044	(6,159)
Change in valuation allowance	(981)	(3,915)	1,437
Deferred	(975)	(781)	468
Income tax provision	$ 317	$ 2,607	$ 3,267

Relationships with Managers and Franchisors - Franchise Fees (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Capitalized Contract Cost [Line Items]
Number of franchised hotels \| hotel	19
Franchise fees
Capitalized Contract Cost [Line Items]
Franchise fees	$ 35,769	$ 32,714	$ 18,781
Amortization of deferred income related to key money	(31)	(31)	(116)
Total management fees, net	35,738	32,683	18,665
Rooms
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 176,765	163,062	102,183
Rooms \| Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	7.00%
Rooms \| Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3.50%
Food and beverage
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 180,546	$ 163,622	$ 89,795
Food and beverage \| Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3.00%
Food and beverage \| Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	1.00%

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	513,251
Awards expected to vest in 2025 (in shares)	329,103
Awards expected to vest in 2026 (in shares)	344,918
Awards expected to vest in 2027 (in shares)	6,712
Awards expected to vest in 2028 (in shares)	6,709
Unrecognized compensation cost	$ 5.4
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	23 months
Compensation expense	$ 4.2	$ 4.3	$ 3.9
Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ (0.2)
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	300,905
Awards expected to vest in 2025 (in shares)	328,122
Awards expected to vest in 2026 (in shares)	367,569
Awards expected to vest in 2027 (in shares)	35,700
Unrecognized compensation cost	$ 4.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	24 months
Compensation expense	$ 3.0	2.3	3.0
Percentage of target award of maximum possible payout to executives (as a percent)	150.00%
Number of units earned if total stockholder return is negative	100.00%
Performance Shares \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ (0.5)
Total shareholder return (as a percent)	50.00%
Hotel market share (as a percent)	50.00%
Maximum possible payout to executive officer as percentage of the target award (as a percent)	150.00%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	99,974
Awards expected to vest in 2025 (in shares)	99,974
Awards expected to vest in 2026 (in shares)	99,973
Awards expected to vest in 2027 (in shares)	14,216
Unrecognized compensation cost	$ 2.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	30 months
Compensation expense	$ 0.8	$ 0.5	$ 1.1
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum \| Performance Shares \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares	75.00%
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Percentage of total stockholder return for payout of shares	30.00%
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized (in shares)	6,082,664

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 11,500
Less: Valuation allowance	(10,000)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,585	$ 3,541
Deferred income	2,049	3,282
Other	407	511
Depreciation and amortization	(2,074)	(3,808)
Less: Valuation allowance	(1,766)	(3,002)
Deferred tax assets, net	1,201	524
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,921	8,499
Deferred income	553	851
Alternative minimum tax credit carryforwards	231	211
Other	120	141
Depreciation and amortization	(559)	(987)
Less: Valuation allowance	(8,253)	(7,999)
Deferred tax assets, net	$ 1,013	$ 716

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 82,381
2025	295,808
2026	300,000
2027	0
2028	500,000
Thereafter	0
Total debt	$ 1,178,189

Equity Incentive Plan - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / shares	Feb. 23, 2023	Aug. 09, 2022	Feb. 22, 2022	Mar. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	74.50%	73.30%	71.40%	68.80%
Risk-Free Rate	4.40%	3.20%	1.74%	0.26%
Total Stockholder Return PSUs (in dollars per share)	$ 9.22	$ 9.65	$ 9.84	$ 9.28
Hotel Market Share PSUs (in dollars per share)	$ 8.94	$ 9.32	$ 9.56	$ 9.40

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment, gross	$ 4,059,985	$ 3,942,832
Less: accumulated depreciation	(1,304,790)	(1,194,356)
Property and equipment, net	2,755,195	2,748,476
Land
Property and Equipment
Property and equipment, gross	590,824	577,861
Land improvements
Property and Equipment
Property and equipment, gross	7,994	7,994
Buildings
Property and Equipment
Property and equipment, gross	2,878,508	2,798,654
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	561,484	525,901
Construction in progress
Property and Equipment
Property and equipment, gross	$ 21,175	$ 32,422

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2023 ft² hotel room parkingArea renewalTerm ground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	64 years
Weighted-average discount rate (as a percent)	5.78%
Number of properties subject to ground leases \| hotel	6
Orchards Inn Sedona
Lessee, Lease, Description [Line Items]
Number of rooms \| room	28
Number of rooms acquired (in rooms) \| room	70
Hilton Bethesda hotel
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Courtyard New York Manhattan/Fifth Avenue
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	49 years
Hotel Palomar Phoenix \| First Set of Renewal Options
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	5 years
Hotel Clio
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	5 years
Area of real estate property (in square feet) \| ft²	5,500
Incremental renewal option (in years)	1 year
Bourbon Orleans Hotel
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Marriott Salt Lake City Downtown
Lessee, Lease, Description [Line Items]
Number of properties subject to ground leases \| ground_lease	2
Westin Boston Seaport District mortgage loan
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Cavallo Point
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Buildings
Lessee, Lease, Description [Line Items]
Number of operating leases \| hotel	8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases \| parkingArea	1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions per common share (in dollars per share)	$ 0.12	$ 0.09
Distributions per preferred share (in dollars per share)	$ 2.0625	$ 2.0625	$ 2.0625

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ 4,321	$ 8,987
Unsecured Term Loan Due October 2023 \| Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	2.21%
Notional Amount	$ 25,000
Fair Value of Assets (Liabilities)	$ 0	517
Unsecured Term Loan Due October 2023 - 1 \| Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	2.21%
Notional Amount	$ 25,000
Fair Value of Assets (Liabilities)	$ 0	515
Unsecured Term Loan Due July 2024 \| Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	1.63%
Notional Amount	$ 87,500
Fair Value of Assets (Liabilities)	$ 1,660	3,979
Unsecured Term Loan Due July 2024 - 1 \| Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	1.63%
Notional Amount	$ 87,500
Fair Value of Assets (Liabilities)	$ 1,658	3,976
Unsecured Term Loan Due January 2028 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.36%
Notional Amount	$ 75,000
Fair Value of Assets (Liabilities)	$ 554	0
Unsecured Term Loan Due January 2027 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.50%
Notional Amount	$ 75,000
Fair Value of Assets (Liabilities)	$ 449	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):


			Principal Balance as of December 31,
Loan	Interest Rate as of December 31, 2023	Maturity Date	2023		2022
Courtyard New York Manhattan / Midtown East mortgage loan	4.40%	August 2024	74,346		76,153
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	73,727		75,625
Hotel Clio mortgage loan	4.33%	July 2025	56,091		57,469
Westin Boston Seaport District mortgage loan	4.36%	November 2025	174,025		178,487
Unsecured term loan	SOFR + 1.35% (1)	January 2028	500,000		500,000
Unsecured term loan	SOFR + 1.35% (1)	January 2025 (2)	300,000		300,000
Senior unsecured credit facility	SOFR + 1.40%	September 2026 (2)	—		—
Total debt			1,178,189		1,187,734
Unamortized debt issuance costs (3)			(1,184)		(1,941)
Debt, net of unamortized debt issuance costs			$	1,177,005	$	1,185,793
Weighted-Average Interest Rate (4)	5.22%

_____________

(1)Interest rate as of December 31, 2023 was 6.81%.

(2)Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

(3)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.

(4)Weighted-average interest rate as of December 31, 2023 includes effect of interest rate swaps.

Schedule of Maturities of Long-Term Debt

As of December 31, 2023, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands):


2024	$	82,381
2025	295,808
2026	300,000
2027	—
2028	500,000
Thereafter	—
	$	1,178,189

Schedule of Line Of Credit Facility Leverage And Applicable Margin

The applicable margin is based upon our leverage ratio, as follows:


Leverage Ratio	Applicable Margin for Revolving Loans	Applicable Margin for Term Loans
Less than 30%	1.40%	1.35%
Greater than or equal to 30% but less than 35%	1.45%	1.40%
Greater than or equal to 35% but less than 40%	1.50%	1.45%
Greater than or equal to 40% but less than 45%	1.60%	1.55%
Greater than or equal to 45% but less than 50%	1.80%	1.75%
Greater than or equal to 50% but less than 55%	1.95%	1.85%
Greater than or equal to 55%	2.25%	2.20%

Schedule of Line Of Credit Facility Covenant Compliance

The Amended Credit Agreement contains various financial covenants. A summary of the most significant covenants are as follows:

Actual at

Covenant

December 31, 2023

Maximum leverage ratio (1)

60%

29.3%

Minimum fixed charge coverage ratio (2)

1.50x

2.93x

Secured recourse indebtedness

Less than 45% of Total Asset Value

11.4%

Unencumbered leverage ratio

60.0%

30.0%

Unencumbered implied debt service coverage ratio

1.20x

2.49x

_____________________________

(1)Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, as defined in the Amended Credit Agreement, as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.

(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Amended Credit Agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Amended Credit Agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.

Schedule of Components of Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Mortgage debt interest	$	16,436	$	23,276	$	24,992
Unsecured term loan interest	43,294		21,153		14,794
Credit facility interest and unused fees	1,256		5,279		2,400
Amortization of debt issuance costs and debt premium	2,053		2,489		2,547
Interest rate swap mark-to-market	2,033		(13,914)		(7,690)
	$	65,072	$	38,283	$	37,043

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ 86,635	$ 109,705	$ (195,405)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	111,302	108,849	102,963
Corporate asset depreciation as corporate expenses	192	220	226
Loss on early extinguishment of debt	0	9,766	0
Non-cash lease expense and other amortization	6,156	6,226	6,673
Non-cash interest rate swap fair value adjustment	2,033	(13,914)	7,690
Amortization of debt issuance costs	2,053	2,489	2,547
Impairment losses	941	2,843	126,697
Amortization of deferred income related to key money	(431)	(423)	(329)
Share-based compensation	8,771	7,789	8,744
Deferred income tax expense	(975)	(781)	468
Changes in assets and liabilities:
Prepaid expenses and other assets	(3,684)	(9,563)	3,142
Due to/from hotel managers	24,151	(24,034)	(63,236)
Accounts payable and accrued expenses	420	7,067	(2,487)
Net cash provided by (used in) operating activities	237,564	206,239	(2,307)
Cash flows from investing activities:
Property acquisitions	(32,699)	(181,942)	(226,627)
Proceeds from sale of properties, net	0	0	213,817
Acquisition of interest in land	(1,833)	0	0
Extension of the Salt Lake City Marriott Downtown ground lease	0	0	(2,781)
Receipt of deferred key money	0	1,000	524
Net cash used in investing activities	(120,846)	(248,599)	(62,199)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(9,544)	(14,629)	(15,318)
Repurchase of common stock	(2,423)	(12,287)	0
Repayments of mortgage debt	0	(178,141)	(1,880)
Proceeds from senior unsecured term loans	0	800,000	0
Repayments of senior unsecured term loans	0	(400,000)	0
Draws on senior unsecured credit facility	0	110,000	205,500
Repayments of senior unsecured credit facility	0	(200,000)	(170,500)
Payment of financing costs	0	(13,846)	(1,217)
Distributions on common stock and units	(31,909)	(6,421)	(119)
Distributions on preferred stock	(9,817)	(9,817)	(9,817)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(3,032)	(828)	(1,482)
Net cash (used in) provided by financing activities	(56,725)	74,031	5,167
Net increase (decrease) in cash and cash equivalents, and restricted cash	59,993	31,671	(59,339)
Cash, cash equivalents, and restricted cash beginning of year	107,178	75,507	134,846
Cash, cash equivalents, and restricted cash, end of year	167,171	107,178	75,507
Supplemental disclosure of cash flow information:
Cash paid for interest	60,363	47,547	42,494
Cash paid for income taxes	2,666	6,625	1,632
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	6,324	12,946	19
Accrued capital expenditures	4,667	8,007	7,295
Transfer of land interest in consideration for extension of ground lease	0	0	855
Redemption of Operating Partnership units for common stock	365	214	2,370
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	121,595	67,564
Restricted cash	45,576	39,614
Total cash, cash equivalents, and restricted cash	167,171	107,178	75,507
Operating Hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	$ (86,314)	$ (67,657)	$ (47,132)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, shares issued (in shares)	4,760,000	4,760,000
Preferred stock, shares outstanding (in shares)	4,760,000	4,760,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	209,627,197	209,374,830
Common stock, shares outstanding (in shares)	209,627,197	209,374,830

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments are as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,177,005	$	1,167,638	$	1,185,793	$	1,148,533

_______________

(1)The carrying amount of debt is net of unamortized debt issuance costs.

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. As of December 31, 2023, we owned 36 hotels with 9,746 rooms. Our hotels are concentrated in major urban markets and in destination resort locations and more than 60% of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc., Hilton Worldwide, or IHG Hotels & Resorts). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.7% of the limited partnership units (“common OP units”) of our operating partnership as of December 31, 2023. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 9 for additional disclosures related to common OP units.

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 11.5
Valuation allowance	$ 10.0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of certain financial assets and liabilities and other financial instruments are as follows (in thousands):


	December 31, 2023				December 31, 2022
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,177,005	$	1,167,638	$	1,185,793	$	1,148,533

_______________

(1)The carrying amount of debt is net of unamortized debt issuance costs.

The fair value of our interest rate swaps are Level 2 measurements under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs; however these inputs are not significant to the fair value measurement in its entirety.

The fair values of our other financial instruments not included in the table above are estimated to be equal to their carrying amounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense and Other Information

The components of operating lease expense, which is included in other property-level expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):


	Year Ended December 31,
	2023		2022
Operating lease cost	$	11,106	$	11,255
Variable lease payments	$	1,687	$	1,576
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,995	$	4,087

Schedule of Operating Lease Maturities

Future minimum lease payments are as follows (in thousands):


Year Ending December 31,	As of December 31, 2023
2024	$	4,139
2025	4,206
2026	4,701
2027	4,737
2028	5,020
Thereafter	747,799
Total lease payments	770,602
Less imputed interest	(657,736)
Total lease liabilities	$	112,866

Schedule of Current and Future Minimum Rental Payments for Ground Leases

The following table reflects the current and future annual rents under our ground leases:

Property

Term (1)

Annual Rent

Embassy Suites by Hilton Bethesda

Through 4/2087

$1,021,214 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

10/2017 - 9/2027

$1,132,812

10/2027 - 9/2037

$1,416,015

10/2037 - 9/2047

$1,770,019

10/2047 - 9/2057

$2,212,524

10/2057 - 9/2067

$2,765,655

10/2067 - 9/2077

$3,457,069

10/2077 - 9/2085

$4,321,336

Salt Lake City Marriott (Ground lease for hotel)

Through 12/2106

Greater of $132,000 or 2.6% of annual gross room sales

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$15,738 (4)

Westin Boston Seaport District (5) (Base rent)

1/2021 - 12/2025

$1,000,000

1/2026 - 12/2030

$1,500,000

1/2031 - 12/2035

$1,750,000

1/2036 - 5/2099

No base rent

Westin Boston Seaport District (Percentage rent)

6/2016 - 5/2026

1.0% of annual gross revenue

6/2026 - 5/2036

1.5% of annual gross revenue

6/2036 - 5/2046

2.75% of annual gross revenue

6/2046 - 5/2056

3.0% of annual gross revenue

6/2056 - 5/2066

3.25% of annual gross revenue

6/2066 - 5/2099

3.5% of annual gross revenue

Hotel Clio

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$145,175 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$36,345 (8)

Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9)

1/2022 - 6/2033

$312,000

7/2033 - 6/2043

$234,000

7/2043 - 6/2053

$156,000

7/2053 - 6/2063

$78,000

7/2063 - 3/2085

$—

Cavallo Point (Base Rent)

1/2019 - 12/2066

$67,034 (10)

Cavallo Point (11) (Percentage Rent)

1/2019 - 12/2023

2.0% of adjusted gross revenue over threshold

1/2024 - 12/2028

3.0% of adjusted gross revenue over threshold

1/2029 - 12/2033

4.0% of adjusted gross revenue over threshold

1/2034 - 12/2066

5.0% of adjusted gross revenue over threshold

Cavallo Point (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

__________


(1)			These terms assume our exercise of all renewal options.

(2)			Represents rent for the year ended December 31, 2023. Rent increases annually by 5.5%.

(3)			The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the years ended December 31, 2023 and 2022.

(4)			Represents rent for the year ended December 31, 2023. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

(5)			Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.

(6)			Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.

(7)			Represents rent for the year ended December 31, 2023. Rent increases annually in June based on a Consumer Price Index calculation.

(8)			Represents rent for the year ended March 31, 2023. Rent increases annually each April by 2.5%.


(9)			As lessee of a government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute.

(10)			Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024.

(11)			Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.

(12)			Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation.

(13)			Represents rent for the year ending December 31, 2023. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Valuation allowance	$ 10.0
Accrual for tax uncertainties	$ 0.0	$ 0.0
Number of reportable segments \| segment	1
Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholder return (as a percent)	50.00%
Hotel market share (as a percent)	50.00%
Minimum \| Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Minimum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum \| Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	0.00%
Minimum \| Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	5 years
Minimum \| Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	1 year
Minimum \| Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	3 years
Maximum \| Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	150.00%
Maximum \| Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	40 years
Maximum \| Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	10 years
Maximum \| Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	5 years

Equity Incentive Plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), which we have fully committed as of December 31, 2023.

Restricted Stock Awards

Restricted stock awards issued to our officers and employees generally vest over a three to five year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. A summary of our restricted stock awards from January 1, 2021 to December 31, 2023 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	557,273	$	9.83
Granted	1,177,537	9.37
Forfeited	(47,025)	9.21
Vested	(244,490)	9.94
Unvested balance at December 31, 2021	1,443,295	9.46
Granted	438,070	9.55
Forfeited	(250,261)	9.43
Vested	(274,167)	9.56
Unvested balance at December 31, 2022	1,356,937	9.47
Granted	247,762	8.94
Forfeited	(21,184)	9.13
Vested	(382,822)	9.60
Unvested balance at December 31, 2023	1,200,693	$	9.33

The total unvested restricted stock awards as of December 31, 2023 are expected to vest as follows: 513,251 during 2024, 329,103 during 2025, 344,918 during 2026, 6,712 during 2027, and 6,709 during 2028. As of December 31, 2023, the unrecognized compensation cost related to restricted stock awards was $5.4 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 23 months. For the years ended December 31, 2023, 2022, and 2021, we recorded $4.2 million, $4.3 million and $3.9 million, respectively, of compensation expense net of forfeitures related to restricted stock awards. The compensation expense recorded for the year ended December 31, 2022

includes the reversal of $0.2 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer, as well as certain other employees.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three to five years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company's achievement of certain performance targets. Under this framework, 50% of the PSUs are based on relative total stockholder return and 50% on hotel market share improvement. The achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs is measured over a three-year performance period. There is no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. The number of PSUs earned is limited to 100% of the PSU Target Award if the Company's total stockholder return is negative for the three-year performance period. The improvement in market share for each of our hotels is generally measured over a three-year performance period based on a report prepared for each hotel by STR, Inc., a well-recognized benchmarking service for the hospitality industry. There is no payout of shares of our common stock if the percentage of our hotels with market share improvements is less than 30%. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if the percentage of our hotels with market share improvements is greater than or equal to 75%.

We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on hotel market share improvement is the closing price of our common stock on the grant date. The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions:


Award Grant Date	Volatility		Risk-Free Rate		Total Stockholder Return PSUs		Hotel Market Share PSUs
March 2, 2021	68.8	%	0.26	%	$	9.28	$	9.40
February 22, 2022	71.4	%	1.74	%	$	9.84	$	9.56
August 9, 2022	73.3	%	3.20	%	$	9.65	$	9.32
February 23, 2023	74.5	%	4.40	%	$	9.22	$	8.94

A summary of our PSUs from January 1, 2021 to December 31, 2023 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	912,186	$	9.63
Granted	347,981	9.34

Vested (1)	(290,927)	9.90

Unvested balance at December 31, 2021	969,240	9.45
Granted	407,570	9.66
Additional units from dividends	3,600	7.89
Vested (2)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at December 31, 2022	950,653	9.35
Granted	363,523	9.08
Additional units from dividends	17,886	8.35
Vested (3)	(299,766)	9.01

Unvested balance at December 31, 2023	1,032,296	$	9.34

______________________

(1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award.

(2)The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award.

(3)The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.36% of the PSU Target Award.

The remaining unvested PSUs expected to vest are as follows: 300,905 during 2024, 328,122 in 2025 and 367,569 during 2026, and 35,700 during 2027. As of December 31, 2023, the unrecognized compensation cost related to the PSUs was $4.1 million and is expected to be recognized on a straight-line basis over a period of 24 months. For the years ended December 31, 2023, 2022, and 2021, we recorded approximately $3.0 million, $2.3 million, and $3.0 million, respectively, of compensation expense net of forfeitures related to the PSUs. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.5 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer.

LTIP Units

A summary of our LTIP units from January 1, 2021 to December 31, 2023 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	243,809	$	10.29

Vested (1)	(108,421)	10.38

Unvested balance at December 31, 2021	135,388	10.22
Granted	71,084	9.32
Vested (1)	(108,422)	10.38

Unvested balance at December 31, 2022	98,050	9.39
Granted	257,270	8.94
Vested (1)	(41,183)	9.49
Unvested balance at December 31, 2023	314,137	$	9.01

______________________

(1)As of December 31, 2023, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

The remaining unvested LTIP units are expected to vest as follows: 99,974 during 2024 and 2025, 99,973 during 2026, and 14,216 during 2027. As of December 31, 2023, the unrecognized compensation cost related to LTIP unit awards was $2.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is

approximately 30 months. For the years ended December 31, 2023, 2022, and 2021, we recorded $0.8 million, $0.5 million, and $1.1 million, respectively, of compensation expense related to LTIP unit awards.

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

As of December 31, 2023 and 2022, the Company had the following derivatives (in thousands):


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2023		December 31, 2022
Senior unsecured term loans	Swap (1)	2.21	%	SOFR	December 28, 2022	October 18, 2023	$	25,000	$	—	$	517
Senior unsecured term loans	Swap (1)	2.21	%	SOFR	December 28, 2022	October 18, 2023	$	25,000	—		515
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	1,660		3,979
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	1,658		3,976
Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	554		—
Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	449		—
									$	4,321	$	8,987

(1)Swap was designated as cash flow hedge as of April 1, 2023.

Schedule of Gains and Losses Recognized on Derivative Financial Statements

The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements (in thousands):


		Year Ended December 31,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2023		2022		2021
Loss recognized in other comprehensive income	Unrealized loss on interest rate derivative instruments	$	2,634	$	—	$	—
Interest (income) for derivatives that were designated as cash flow hedges	Interest expense	$	(7,688)	$	—	$	—
Interest (income) expense for derivatives that were not designated as cash flow hedges	Interest expense	$	469	$	(13,486)	$	(3,578)

Relationships with Managers and Franchisors - Narrative (Details) - hotel	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Number of hotels that earned incentive management fees	5	11	5
Minimum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	1.00%
Maximum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	3.50%

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2023 (in thousands)


							Costs
			Initial Cost				Capitalized		Gross Amount at End of Year
					Building and		Subsequent to				Building and				Accumulated		Net Book		Year of	Depreciation
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Value		Acquisition	Life
Atlanta Marriott Alpharetta	$	—	$	3,623	$	33,503	$	5,576	$	3,623	$	39,079	$	42,702	$	(16,783)	$	25,919	2005	10 - 40 Years
Bourbon Orleans Hotel			20,644		60,969		2,623		20,645		63,591		84,236		(3,780)		80,456		2021	10 - 40 Years
Cavallo Point, The Lodge at Golden Gate			—		123,100		8,360		—		131,460		131,460		(22,483)		108,977		2018	10 - 40 Years
Chicago Marriott Downtown, Magnificent Mile	—		36,900		347,921		98,124		36,900		446,045		482,945		(177,735)		305,210		2006	10 - 40 Years
Chico Hot Springs Resort & Day Spa	—		11,291		20,595		382		11,291		20,977		32,268		(445)		31,823		2023	10 - 20 Years
Embassy Suites by Hilton Bethesda	—		—		45,656		10,626		—		56,282		56,282		(23,901)		32,381		2004	10 - 40 Years
The Gwen Hotel	—		31,650		76,961		25,036		31,650		101,997		133,647		(37,760)		95,887		2006	10 - 40 Years
Courtyard Denver Downtown	—		9,400		36,180		6,653		9,400		42,833		52,233		(13,212)		39,021		2011	10 - 40 Years
Courtyard New York Manhattan/Fifth Avenue	—		—		34,685		8,831		—		43,516		43,516		(18,872)		24,644		2004	10 - 40 Years
Courtyard New York Manhattan/Midtown East	(74,346)		16,500		54,812		9,972		16,500		64,784		81,284		(28,305)		52,979		2004	10 - 40 Years
Havana Cabana Key West	—		32,888		13,371		6,408		32,888		19,779		52,667		(4,456)		48,211		2014	10 - 40 Years
Henderson Beach Resort			10,118		93,176		3,709		10,645		96,358		107,003		(4,980)		102,023		2021	10 - 40 Years
Henderson Park Inn			8,395		17,462		1,895		8,539		19,213		27,752		(1,309)		26,443		2021	10 - 40 Years
Hilton Burlington Lake Champlain	—		9,197		40,644		10,554		9,197		51,198		60,395		(13,182)		47,213		2012	10 - 40 Years
Hilton Garden Inn New York/Times Square Central	—		60,300		88,896		2,175		60,300		91,071		151,371		(21,217)		130,154		2014	10 - 40 Years
Hotel Clio	(56,091)		9,200		63,183		14,693		9,200		77,876		87,076		(21,714)		65,362		2011	10 - 40 Years
Hotel Emblem San Francisco	—		7,856		21,085		9,042		7,856		30,127		37,983		(6,975)		31,008		2012	10 - 40 Years
Hotel Palomar Phoenix	—		—		59,703		2,979		—		62,682		62,682		(8,899)		53,783		2018	10 - 40 Years
The Hythe Vail	—		5,800		52,463		37,390		5,800		89,853		95,653		(29,502)		66,151		2005	10 - 40 Years
Kimpton Shorebreak Fort Lauderdale Beach Resort	—		3,436		29,206		893		3,436		30,099		33,535		(1,301)		32,234		2022	10 - 40 Years
Kimpton Shorebreak Huntington Beach Resort	—		19,908		37,525		5,128		20,423		42,138		62,561		(9,368)		53,193		2015	10 - 40 Years
Margaritaville Beach House Key West	—		49,592		42,958		17,788		49,592		60,746		110,338		(11,746)		98,592		2015	10 - 40 Years
Lake Austin Spa Resort	—		25,089		43,879		295		25,089		44,174		69,263		(1,457)		67,806		2022	10 - 40 Years
The Landing Lake Tahoe Resort & Spa	—		14,816		24,351		1,756		14,816		26,107		40,923		(3,916)		37,007		2018	10 - 40 Years
L'Auberge de Sedona	—		39,384		22,204		8,201		39,384		30,405		69,789		(4,713)		65,076		2017	10 - 40 Years
Orchards Inn Sedona	—		9,726		10,180		690		9,726		10,870		20,596		(1,971)		18,625		2017	10 - 40 Years
Salt Lake City Marriott Downtown at City Creek	—		—		45,815		19,204		—		65,019		65,019		(24,864)		40,155		2004	10 - 40 Years
The Dagny Boston (formerly Hilton Boston Downtown/Faneuil Hall)	—		23,262		128,628		41,714		23,262		170,342		193,604		(41,153)		152,451		2012	10 - 40 Years
The Lindy Renaissance Charleston Hotel	—		5,900		32,511		10,833		5,900		43,344		49,244		(12,647)		36,597		2010	10 - 40 Years
The Lodge at Sonoma Resort	—		3,951		22,720		23,229		3,951		45,949		49,900		(17,868)		32,032		2004	10 - 40 Years
Tranquility Bay Beachfront Resort	—		1,865		19,357		34		1,865		19,391		21,256		(997)		20,259		2022	10 - 40 Years
Westin Boston Seaport District	(174,025)		—		273,696		39,172		—		312,868		312,868		(128,190)		184,678		2007	10 - 40 Years


Westin Fort Lauderdale Beach Resort	—		54,293		83,227		15,169		54,293		98,396		152,689		(21,576)		131,113		2014	10 - 40 Years
Westin San Diego Bayview	—		22,902		95,617		13,188		22,902		108,805		131,707		(30,542)		101,165		2012	10 - 40 Years
Westin Washington D.C City Center	—		24,579		122,229		16,277		24,579		138,506		163,085		(39,089)		123,996		2012	10 - 40 Years
Worthington Renaissance Fort Worth Hotel	(73,727)		15,500		63,428		28,866		17,172		90,622		107,794		(34,392)		73,402		2005	10 - 40 Years
Total	$	(378,189)	$	587,965	$	2,381,896	$	507,465	$	590,824	$	2,886,502	$	3,477,326	$	(841,300)	$	2,636,026

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


Balance at December 31, 2020	$	3,350,481
Additions:
Acquisitions	210,764
Capital expenditures	41,482
Deductions:
Impairment losses	(175,551)
Dispositions and other	(205,358)
Balance at December 31, 2021	3,221,818
Additions:
Acquisitions	122,832
Capital expenditures	39,859



Balance at December 31, 2022	3,384,509
Additions:
Acquisitions	31,886
Capital expenditures	60,931



Balance at December 31, 2023	$	3,477,326

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


Balance at December 31, 2020	$	683,543
Depreciation and amortization	70,765
Impairment losses	(61,002)

Balance at December 31, 2021	693,306
Depreciation and amortization	75,328


Balance at December 31, 2022	768,634
Depreciation and amortization	72,666


Balance at December 31, 2023	$	841,300

C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,371,023 as of December 31, 2023.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and one parking area as of December 31, 2023. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. As of December 31, 2023, our operating leases have a weighted-average remaining lease term of 64 years and a weighted-average discount rate of 5.78%.


	Year Ended December 31,
	2023		2022
Operating lease cost	$	11,106	$	11,255
Variable lease payments	$	1,687	$	1,576
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,995	$	4,087

Future minimum lease payments are as follows (in thousands):


Year Ending December 31,	As of December 31, 2023
2024	$	4,139
2025	4,206
2026	4,701
2027	4,737
2028	5,020
Thereafter	747,799
Total lease payments	770,602
Less imputed interest	(657,736)
Total lease liabilities	$	112,866

Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2023:

•The Embassy Suites by Hilton Bethesda hotel is subject to a ground lease that runs until 2087. There are no renewal options.

•The Courtyard New York Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option.

•The Salt Lake City Marriott is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the adjacent City Creek Center. The term of the ground lease covering the land under the hotel runs through 2106. The term of the ground lease covering the extension into the City Creek Center runs through 2056.

•The Westin Boston Seaport District is subject to a ground lease that runs until 2099. There are no renewal options.

•The Hotel Palomar Phoenix is subject to a ground lease that runs until 2085, inclusive of three renewal options of five years each.

•Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options.

A portion of the Hotel Clio is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple.

We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land underlying the hotel is owned by us in fee simple.

We sublease a parking area near the Bourbon Orleans Hotel. The sublease runs through July 2069. There are no renewal options.

These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard New York Manhattan/Fifth Avenue, Westin Boston Seaport District, Salt Lake City Marriott, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property.

The following table reflects the current and future annual rents under our ground leases:

Property

Term (1)

Annual Rent

Embassy Suites by Hilton Bethesda

Through 4/2087

$1,021,214 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

10/2017 - 9/2027

$1,132,812

10/2027 - 9/2037

$1,416,015

10/2037 - 9/2047

$1,770,019

10/2047 - 9/2057

$2,212,524

10/2057 - 9/2067

$2,765,655

10/2067 - 9/2077

$3,457,069

10/2077 - 9/2085

$4,321,336

Salt Lake City Marriott (Ground lease for hotel)

Through 12/2106

Greater of $132,000 or 2.6% of annual gross room sales

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$15,738 (4)

Westin Boston Seaport District (5) (Base rent)

1/2021 - 12/2025

$1,000,000

1/2026 - 12/2030

$1,500,000

1/2031 - 12/2035

$1,750,000

1/2036 - 5/2099

No base rent

Westin Boston Seaport District (Percentage rent)

6/2016 - 5/2026

1.0% of annual gross revenue

6/2026 - 5/2036

1.5% of annual gross revenue

6/2036 - 5/2046

2.75% of annual gross revenue

6/2046 - 5/2056

3.0% of annual gross revenue

6/2056 - 5/2066

3.25% of annual gross revenue

6/2066 - 5/2099

3.5% of annual gross revenue

Hotel Clio

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$145,175 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$36,345 (8)

Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9)

1/2022 - 6/2033

$312,000

7/2033 - 6/2043

$234,000

7/2043 - 6/2053

$156,000

7/2053 - 6/2063

$78,000

7/2063 - 3/2085

$—

Cavallo Point (Base Rent)

1/2019 - 12/2066

$67,034 (10)

Cavallo Point (11) (Percentage Rent)

1/2019 - 12/2023

2.0% of adjusted gross revenue over threshold

1/2024 - 12/2028

3.0% of adjusted gross revenue over threshold

1/2029 - 12/2033

4.0% of adjusted gross revenue over threshold

1/2034 - 12/2066

5.0% of adjusted gross revenue over threshold

Cavallo Point (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

__________


(1)			These terms assume our exercise of all renewal options.

(2)			Represents rent for the year ended December 31, 2023. Rent increases annually by 5.5%.

(3)			The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the years ended December 31, 2023 and 2022.

(4)			Represents rent for the year ended December 31, 2023. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

(5)			Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.

(6)			Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.

(7)			Represents rent for the year ended December 31, 2023. Rent increases annually in June based on a Consumer Price Index calculation.

(8)			Represents rent for the year ended March 31, 2023. Rent increases annually each April by 2.5%.


(9)			As lessee of a government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute.

(10)			Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024.

(11)			Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.

(12)			Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation.

(13)			Represents rent for the year ending December 31, 2023. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Debt - Mortgage (Details) $ in Thousands	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of hotels \| hotel	36
Principal balance	$ 1,178,189
Restricted cash	$ 45,576	$ 39,614
Mortgages
Debt Instrument [Line Items]
Number of hotels \| hotel	4
Mortgages \| Courtyard New York Manhattan / Midtown East mortgage loan
Debt Instrument [Line Items]
Principal balance	$ 74,346	76,153
Mortgages \| Marriott Salt Lake City Downtown
Debt Instrument [Line Items]
Restricted cash		$ 2,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in excess of earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020				4,760,000	210,073,514
Beginning balance at Dec. 31, 2020	$ 1,718,925		$ 1,711,109	$ 48	$ 2,101	$ 2,285,491	$ 0	$ (576,531)	$ 7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(195,405)		(194,584)					(194,584)	(821)
Unrealized gain on Rabbi trust assets	0
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					495,366
Share-based compensation	8,743		7,618		$ 5	7,612		1	1,125
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(145,975)
Shares redeemed to satisfy withholdings on vested share based compensation	(1,482)		(1,482)		$ (2)	(1,480)
Redemption of OP units (in shares)					(323,990)
Redemption of common OP units	0		2,370		$ 3	2,367			(2,370)
Ending balance (in shares) at Dec. 31, 2021				4,760,000	210,746,895
Ending balance at Dec. 31, 2021	1,520,964		1,515,214	$ 48	$ 2,107	2,293,990	0	(780,931)	5,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	109,705		109,328					109,328	377
Unrealized gain on Rabbi trust assets	0
Distributions on common stock/units	(19,348)		(19,274)			0		(19,274)	(74)
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					252,259
Share-based compensation	7,789		7,331		$ 3	7,328		0	458
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(83,139)
Shares redeemed to satisfy withholdings on vested share based compensation	(828)		(828)		$ (1)	(827)
Redemption of OP units (in shares)					28,502
Redemption of common OP units	0		214		$ 0	214			(214)
Common stock repurchased and retired (in shares)		(1,600,000)			(1,569,687)
Common stock repurchased and retired	(12,287)		(12,287)		$ (15)	(12,272)
Ending balance (in shares) at Dec. 31, 2022				4,760,000	209,374,830
Ending balance at Dec. 31, 2022	1,596,178		1,589,881	$ 48	$ 2,094	2,288,433	0	(700,694)	6,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	86,635		86,340					86,340	295
Unrealized loss on interest rate derivative instruments	(2,634)		(2,625)				(2,625)
Unrealized gain on Rabbi trust assets	591		589				589
Distributions on common stock/units	(25,286)		(25,159)					(25,159)	(127)
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					867,041
Share-based compensation	8,771		7,955		$ 9	7,946		0	816
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(333,779)
Shares redeemed to satisfy withholdings on vested share based compensation	(3,032)		(3,032)		$ (3)	(3,029)
Redemption of OP units (in shares)					37,559
Redemption of common OP units	0		366		$ 1	365			(366)
Common stock repurchased and retired (in shares)		(318,454)			(318,454)
Common stock repurchased and retired	(2,423)		(2,423)		$ (5)	(2,418)
Ending balance (in shares) at Dec. 31, 2023				4,760,000	209,627,197
Ending balance at Dec. 31, 2023	$ 1,648,983		$ 1,642,075	$ 48	$ 2,096	$ 2,291,297	$ (2,036)	$ (649,330)	$ 6,908

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,074,867	$ 1,001,503	$ 567,134
Operating expenses:
Depreciation and amortization	111,302	108,849	102,963
Impairment losses	941	2,843	126,697
Corporate expenses	32,048	31,790	32,552
Business interruption insurance income	(647)	(499)	(705)
Total operating expenses, net	925,404	839,738	723,176
Interest expense	65,072	38,283	37,043
Interest (income) and other (income) expense, net	(2,561)	1,404	(947)
Loss on early extinguishment of debt	0	9,766	0
Total other expenses, net	62,511	49,453	36,096
Income (loss) before income taxes	86,952	112,312	(192,138)
Income tax expense	(317)	(2,607)	(3,267)
Net income (loss)	86,635	109,705	(195,405)
Less: Net (income) loss attributable to noncontrolling interests	(295)	(377)	821
Net income (loss) attributable to the Company	86,340	109,328	(194,584)
Distributions to preferred stockholders	(9,817)	(9,817)	(9,817)
Net income (loss) attributable to common stockholders	$ 76,523	$ 99,511	$ (204,401)
Earnings (loss) earnings per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Weighted-average number of common shares outstanding:
Basic (in shares)	211,518,826	212,423,873	212,056,923
Diluted (in shares)	212,304,117	213,188,987	212,056,923
Comprehensive income (loss):
Net (loss) income	$ 86,635	$ 109,705	$ (195,405)
Other comprehensive income (loss):
Unrealized (loss) on interest rate derivative instruments	(2,634)	0	0
Unrealized gain on Rabbi trust assets	591	0	0
Comprehensive income (loss)	84,592	109,705	(195,405)
Comprehensive (income) loss attributable to noncontrolling interests	(288)	(377)	821
Comprehensive income (loss) attributable to the Company	84,304	109,328	(194,584)
Rooms
Revenues:
Total revenues	717,447	681,269	399,055
Operating expenses:
Operating expenses	176,765	163,062	102,183
Food and beverage
Revenues:
Total revenues	259,757	238,234	117,742
Operating expenses:
Operating expenses	180,546	163,622	89,795
Other
Revenues:
Total revenues	97,663	82,000	50,337
Operating expenses:
Operating expenses	261,536	233,691	158,014
Management fees
Operating expenses:
Operating expenses	24,998	23,439	10,208
Franchise fees
Operating expenses:
Operating expenses	35,738	32,683	18,665
Other property-level expenses
Operating expenses:
Operating expenses	$ 102,177	$ 80,258	$ 82,804

Equity - Narrative (Details)	1 Months Ended		12 Months Ended
Equity - Narrative (Details)	Aug. 31, 2021 USD ($) shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 28, 2024 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2020 shares
Dividends Payable [Line Items]
Common stock, shares authorized (in shares) \| shares			400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Votes per common share \| vote			1
Repurchase of common stock \| $			$ 2,423,000	$ 12,287,000	$ 0
Preferred stock, shares authorized (up to) (in shares) \| shares			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)			8.25%	8.25%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00
Limited partnership, price per unit (in dollars per share) \| $ / shares		$ 11.76
Option to redeem for common stock ratio		1
Distributions per common share (in dollars per share) \| $ / shares			0.12	0.09
Distributions per preferred share (in dollars per share) \| $ / shares			$ 2.0625	$ 2.0625	$ 2.0625
Subsequent Event
Dividends Payable [Line Items]
Remaining repurchase amount \| $						$ 185,300,000
Long-Term Incentive Plan Unit
Dividends Payable [Line Items]
Units outstanding (in shares) \| shares			314,137	98,050	135,388			243,809
Unaffiliated Third Parties
Dividends Payable [Line Items]
Common units issued (in shares) \| shares		796,684
Operating partnerships units held (in shares) \| shares			723,166	719,542
Common Stock
Dividends Payable [Line Items]
Aggregate offering price (up to) \| $	$ 200,000,000
Shares sold (in shares) \| shares	0
Value amount of shares authorized to be repurchased (up to) \| $							$ 200,000,000
Shares repurchased (in shares) \| shares			318,454	1,600,000
Repurchased shares, average price per share (in dollars per share) \| $ / shares			$ 7.60	$ 7.81
Repurchase of common stock \| $			$ 2,400,000	$ 12,300,000
Series A Preferred Stock
Dividends Payable [Line Items]
Shares sold (in shares) \| shares			4,760,000	4,760,000
Preferred stock, dividend rate (as a percent)			8.25%	8.25%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 2,755,195	$ 2,748,476
Right-of-use assets	97,692	99,047
Restricted cash	45,576	39,614
Due from hotel managers	144,689	176,708
Prepaid and other assets	73,940	76,131
Cash and cash equivalents	121,595	67,564
Total assets	3,238,687	3,207,540
Liabilities:
Debt, net of unamortized debt issuance costs	1,177,005	1,185,793
Lease liabilities	112,866	110,875
Due to hotel managers	116,522	123,682
Deferred rent	69,209	65,097
Unfavorable contract liabilities, net	59,866	61,069
Accounts payable and accrued expenses	39,563	43,120
Distributions declared and unpaid	6,324	12,946
Deferred income related to key money, net	8,349	8,780
Total liabilities	1,589,704	1,611,362
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at December 31, 2023 and 2022	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 209,627,197 and 209,374,830 shares issued and outstanding at December 31, 2023 and 2022, respectively	2,096	2,094
Additional paid-in capital	2,291,297	2,288,433
Accumulated other comprehensive loss	(2,036)	0
Distributions in excess of earnings	(649,330)	(700,694)
Total stockholders' equity	1,642,075	1,589,881
Noncontrolling interests	6,908	6,297
Total equity	1,648,983	1,596,178
Total liabilities and equity	$ 3,238,687	$ 3,207,540

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt (dollars in thousands):


			Principal Balance as of December 31,
Loan	Interest Rate as of December 31, 2023	Maturity Date	2023		2022
Courtyard New York Manhattan / Midtown East mortgage loan	4.40%	August 2024	74,346		76,153
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	73,727		75,625
Hotel Clio mortgage loan	4.33%	July 2025	56,091		57,469
Westin Boston Seaport District mortgage loan	4.36%	November 2025	174,025		178,487
Unsecured term loan	SOFR + 1.35% (1)	January 2028	500,000		500,000
Unsecured term loan	SOFR + 1.35% (1)	January 2025 (2)	300,000		300,000
Senior unsecured credit facility	SOFR + 1.40%	September 2026 (2)	—		—
Total debt			1,178,189		1,187,734
Unamortized debt issuance costs (3)			(1,184)		(1,941)
Debt, net of unamortized debt issuance costs			$	1,177,005	$	1,185,793
Weighted-Average Interest Rate (4)	5.22%

_____________

(1)Interest rate as of December 31, 2023 was 6.81%.

(2)Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

(3)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.

(4)Weighted-average interest rate as of December 31, 2023 includes effect of interest rate swaps.


2024	$	82,381
2025	295,808
2026	300,000
2027	—
2028	500,000
Thereafter	—
	$	1,178,189

Mortgage Debt

We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2023, four of our 36 hotel properties were secured by mortgage debt. We have one mortgage loan that matures within one year, which has a principal balance of $74.3 million as of December 31, 2023. We intend to repay this mortgage loan using cash on hand.

Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage

ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment

of the underlying debt. As of December 31, 2022, we had $2.9 million held in cash traps, which is included within restricted cash on the accompanying balance sheet. As of December 31, 2023, all cash traps had been released.

Senior Unsecured Credit Facility and Unsecured Term Loans

Prior to September 27, 2022, we were party to credit agreements that provided for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which was scheduled to mature in July 2023, a $350 million unsecured term loan that was scheduled to mature in July 2024 (the “Facility Term Loan”) and a $50 million unsecured term loan that was scheduled to mature in October 2023 (the “2023 Term Loan”). The interest rate on the Revolving Credit Facility and unsecured term loans was based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio.

On September 27, 2022, we entered into a Sixth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) that provides us with a $400 million senior unsecured revolving credit facility and two term loan facilities in the aggregate amount of $800 million. The revolving credit facility matures on September 27, 2026, which we may extend for an additional year upon the payment of applicable fees and satisfaction of certain standard conditions. The term loan consist of a $500 million term loan that matures on January 3, 2028, and a $300 million term loan that matures January 3, 2025. The maturity date of the $300 million term loan may be extended for an additional year upon the payment of applicable fees and satisfaction of certain standard conditions. We have the right to increase the aggregate amount of the facilities to $1.4 billion upon the satisfaction of certain standard conditions.

We utilized the proceeds from the term loans under the Amended Credit Agreement to repay the Facility Term Loan, the 2023 Term Loan, $150 million that was outstanding on our Revolving Credit Facility, and our mortgage loans that were scheduled to mature in 2023. We recognized a $9.7 million loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs and fees paid to the lenders in consideration for the Amended Credit Agreement.

Interest is paid on the periodic advances on the revolving credit facility and amounts outstanding on the term loans at varying rates, based upon the adjusted Secured Overnight Financing Rate (“SOFR”), as defined in the Amended Credit Agreement, plus an applicable margin. The applicable margin is based upon our leverage ratio, as follows:


Leverage Ratio	Applicable Margin for Revolving Loans	Applicable Margin for Term Loans
Less than 30%	1.40%	1.35%
Greater than or equal to 30% but less than 35%	1.45%	1.40%
Greater than or equal to 35% but less than 40%	1.50%	1.45%
Greater than or equal to 40% but less than 45%	1.60%	1.55%
Greater than or equal to 45% but less than 50%	1.80%	1.75%
Greater than or equal to 50% but less than 55%	1.95%	1.85%
Greater than or equal to 55%	2.25%	2.20%

The Amended Credit Agreement contains various financial covenants. A summary of the most significant covenants are as follows:

Actual at

Covenant

December 31, 2023

Maximum leverage ratio (1)

60%

29.3%

Minimum fixed charge coverage ratio (2)

1.50x

2.93x

Secured recourse indebtedness

Less than 45% of Total Asset Value

11.4%

Unencumbered leverage ratio

60.0%

30.0%

Unencumbered implied debt service coverage ratio

1.20x

2.49x

_____________________________

The components of the Company's interest expense consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Mortgage debt interest	$	16,436	$	23,276	$	24,992
Unsecured term loan interest	43,294		21,153		14,794
Credit facility interest and unused fees	1,256		5,279		2,400
Amortization of debt issuance costs and debt premium	2,053		2,489		2,547
Interest rate swap mark-to-market	2,033		(13,914)		(7,690)
	$	65,072	$	38,283	$	37,043

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Relationships with Managers and Franchisors

12 Months Ended

Dec. 31, 2023

Relationships With Managers [Abstract]

Relationships with Managers and Franchisors

We are party to a hotel management agreement at each of our hotels. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is between 1% and 3.5% of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.”

Our management agreements generally provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment.

The following is a summary of management fees for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Base management fees	$	22,543	$	20,630	$	11,542
Incentive management fees	4,444		4,790		468
Amortization of deferred income related to key money (1)	(400)		(392)		(213)
Amortization of unfavorable contract liabilities	(1,589)		(1,589)		(1,589)
Total management fees, net	$	24,998	$	23,439	$	10,208

_____________________________

(1)Relates to key money received for Chicago Marriott Downtown Magnificent Mile, Westin Washington D.C. City Center and Henderson Beach Resort.

Five of our hotels earned incentive management fees for the years ended December 31, 2023 and 2021. Eleven of our hotels earned incentive management fees for the year ended December 31, 2022.

Franchise Agreements

We are party to franchise agreements for 19 of our hotels as of December 31, 2023. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of the hotel's gross rooms revenue. Pursuant to these franchise agreements, we pay a royalty fee ranging between 3.5% and 7% of gross room sales, and, under certain agreements, between 1% and 3% of gross food and beverage sales.

The following is a summary of franchise fees for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Franchise fees	$	35,769	$	32,714	$	18,781
Amortization of deferred income related to key money (1)	(31)		(31)		(116)
Total franchise fees, net	$	35,738	$	32,683	$	18,665

_____________________________

(1)Relates to key money received for The Lexington Hotel and Courtyard New York Manhattan/Fifth Avenue.

Earnings (Loss) Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	379,767
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	299,810

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		209,627,197
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DRH Pr A
Security Exchange Name	NYSE

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (benefit)	$ 18,226	$ 23,620	$ (40,337)
Tax impact of REIT election	(17,281)	(21,110)	45,946
State income tax provision (benefit), net of federal tax benefit	890	4,531	(6,119)
Change in valuation allowance	(981)	(3,915)	1,437
Permanent differences	(349)	(495)	2,561
Other	(188)	(24)	(221)
Income tax provision	$ 317	$ 2,607	$ 3,267

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Base management fees	$ 22,543	$ 20,630	$ 11,542
Incentive management fees	4,444	4,790	468
Amortization of deferred income related to key money	(400)	(392)	(213)
Amortization of unfavorable contract liabilities	(1,589)	(1,589)	(1,589)
Total management fees, net	$ 24,998	$ 23,439	$ 10,208

Debt - Schedule of Applicable Margin (Details) - SOFR	12 Months Ended
Debt - Schedule of Applicable Margin (Details) - SOFR	Dec. 31, 2023
Less than 30% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Less than 30% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Greater than or equal to 30% but less than 35% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 30% but less than 35% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Greater than or equal to 35% but less than 40% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Greater than or equal to 35% but less than 40% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 40% but less than 45% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.60%
Greater than or equal to 40% but less than 45% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.55%
Greater than or equal to 45% but less than 50% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.80%
Greater than or equal to 45% but less than 50% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 50% but less than 55% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.95%
Greater than or equal to 50% but less than 55% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.85%
Greater than or equal to 55% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 55% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.20%

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2021 to December 31, 2023 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	557,273	$	9.83
Granted	1,177,537	9.37
Forfeited	(47,025)	9.21
Vested	(244,490)	9.94
Unvested balance at December 31, 2021	1,443,295	9.46
Granted	438,070	9.55
Forfeited	(250,261)	9.43
Vested	(274,167)	9.56
Unvested balance at December 31, 2022	1,356,937	9.47
Granted	247,762	8.94
Forfeited	(21,184)	9.13
Vested	(382,822)	9.60
Unvested balance at December 31, 2023	1,200,693	$	9.33

Schedule of Fair Value Assumptions

The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions:


Award Grant Date	Volatility		Risk-Free Rate		Total Stockholder Return PSUs		Hotel Market Share PSUs
March 2, 2021	68.8	%	0.26	%	$	9.28	$	9.40
February 22, 2022	71.4	%	1.74	%	$	9.84	$	9.56
August 9, 2022	73.3	%	3.20	%	$	9.65	$	9.32
February 23, 2023	74.5	%	4.40	%	$	9.22	$	8.94

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2021 to December 31, 2023 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	912,186	$	9.63
Granted	347,981	9.34

Vested (1)	(290,927)	9.90

Unvested balance at December 31, 2021	969,240	9.45
Granted	407,570	9.66
Additional units from dividends	3,600	7.89
Vested (2)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at December 31, 2022	950,653	9.35
Granted	363,523	9.08
Additional units from dividends	17,886	8.35
Vested (3)	(299,766)	9.01

Unvested balance at December 31, 2023	1,032,296	$	9.34

______________________

(1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award.

(2)The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award.

(3)The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.36% of the PSU Target Award.

Schedule of LTIP Units

A summary of our LTIP units from January 1, 2021 to December 31, 2023 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2021	243,809	$	10.29

Vested (1)	(108,421)	10.38

Unvested balance at December 31, 2021	135,388	10.22
Granted	71,084	9.32
Vested (1)	(108,422)	10.38

Unvested balance at December 31, 2022	98,050	9.39
Granted	257,270	8.94
Vested (1)	(41,183)	9.49
Unvested balance at December 31, 2023	314,137	$	9.01

______________________

(1)As of December 31, 2023, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal balance	$ 1,178,189
Total debt	1,178,189	$ 1,187,734
Debt, net of unamortized debt issuance costs	$ 1,177,005	1,185,793
Weighted-average interest rate (as a percent)	5.22%
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (1,184)	(1,941)
Unsecured Term Loan \| Unsecured Term Loan Due January 2028
Debt Instrument [Line Items]
Principal balance	$ 500,000	500,000
Interest rate	6.81%
Unsecured Term Loan \| Unsecured Term Loan Due January 2028 \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Unsecured Term Loan \| Unsecured Term Loan due January 2025
Debt Instrument [Line Items]
Principal balance	$ 300,000	300,000
Interest rate	6.81%
Unsecured Term Loan \| Unsecured Term Loan due January 2025 \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured credit facility	$ 0	0
Line of Credit \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Courtyard New York Manhattan / Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.40%
Principal balance	$ 74,346	76,153
Worthington Renaissance Fort Worth Hotel mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	3.66%
Principal balance	$ 73,727	75,625
Hotel Clio mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.33%
Principal balance	$ 56,091	57,469
Westin Boston Seaport District \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.36%
Principal balance	$ 174,025	$ 178,487

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs and debt premium	$ 2,053	$ 2,489	$ 2,547
Interest rate swap mark-to-market	2,033	(13,914)	(7,690)
Interest expense	65,072	38,283	37,043
Mortgage debt interest
Debt Instrument [Line Items]
Debt, interest expenses	16,436	23,276	24,992
Unsecured term loan interest
Debt Instrument [Line Items]
Debt, interest expenses	43,294	21,153	14,794
Credit facility interest and unused fees
Debt Instrument [Line Items]
Debt, interest expenses	$ 1,256	$ 5,279	$ 2,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2023 hotel room
Real Estate Properties [Line Items]
Number of hotels \| hotel	36
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	9,746
Hotels operated (as a percent )	60.00%
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest (as a percent)	99.70%
Limited partner, ownership interest (as a percent)	0.30%

Derivatives - Schedule of Gains and Losses Recognized on Derivative Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Derivative [Line Items]
Decrease to interest expense expected to be reclassified in the next twelve months (less than)			$ 2,500
Designated as Hedging Instrument \| Unrealized loss on interest rate derivative instruments
Derivative [Line Items]
Gain (loss) recognized	$ 2,634	$ 0	0
Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
Gain (loss) recognized	(7,688)	0	0
Not Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
Gain (loss) recognized	$ 469	$ (13,486)	$ (3,578)

Equity Incentive Plan - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Beginning balance (in shares)	98,050	135,388	243,809
Granted (in shares)	257,270	71,084
Vested (in shares)	(41,183)	(108,422)	(108,421)
Ending balance (in shares)	314,137	98,050	135,388
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.39	$ 10.22	$ 10.29
Granted (in dollars per share)	8.94	9.32
Vested (in dollars per share)	9.49	10.38	10.38
Ending balance (in dollars per share)	$ 9.01	$ 9.39	$ 10.22

Equity	12 Months Ended
Equity	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Shares We are authorized by our charter to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. We maintain an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200.0 million. We have not sold any shares under the ATM Program during the years ended December 31, 2023 and 2022. In September 2022, our board of directors approved a share repurchase program authorizing us to repurchase up to $200.0 million of our common stock through February 28, 2025. The timing and actual number of shares repurchased will depend on a variety of factors, including price and general business and market conditions. The share repurchase program does not obligate us to acquire any particular amount of shares, and may be suspended or discontinued at any time at our discretion. During the year ended December 31, 2023, we repurchased 318,454 shares of common stock at an average price of $7.60 per share for an aggregate purchase price of $2.4 million. During the year ended December 31, 2022, we repurchased 1.6 million shares of common stock at an average price of 7.81 per share for a total purchase price of $12.3 million. As of February 28, 2024, we have $185.3 million of authorized capacity remaining under the share repurchase program. Preferred Shares We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2023 and 2022, there were 4,760,000 shares of 8.250% Series A Cumulative Redeemed Preferred Stock (“Series A Preferred Stock”) issued and outstanding with a liquidation preference of $25.00 per share. On or after August 31, 2025, the Series A Preferred Stock will be redeemable at the Company's option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Operating Partnership Units In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan for the performance of services to or for the benefit of our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 10 for additional disclosures related to LTIP units. There were 723,166 and 719,542 common OP units held by unaffiliated third parties and executive officers of the Company as of December 31, 2023 and 2022, respectively. There were 314,137 and 98,050 LTIP units outstanding as of December 31, 2023 and 2022, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units. Dividends and Distributions For the year ended December 31, 2023, we paid an aggregate cash dividend of $0.12 per holder of common stock, OP units, and LTIP units. For the year ended December 31, 2022, we paid an aggregate cash dividend of $0.09 per holder of common stock, OP units, and LTIP units. For each of the years ended December 31, 2023 and 2022, we paid an aggregate cash dividend of $2.0625 per holder of Series A Preferred Stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Distributions Paid, Tax Basis

The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023		2022		2021
Common Stock
Ordinary non-qualified income	$	0.120000	$	0.044543	$	—
Qualified dividends	—		0.045457		—


	$	0.120000	$	0.090000	$	—
Series A Preferred Stock
Ordinary non-qualified income	$	2.062500	$	1.020772	$	—
Qualified dividends	—		1.041728		—

Return of capital	—		—		2.062500
	$	2.062500	$	2.062500	$	2.062500

Schedule of Components of Income Tax Provision

Our provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current - Federal	$	(84)	$	901	$	2,759
State	1,376		2,487		40

	1,292		3,388		2,799
Deferred - Federal	492		1,090		5,190
State	(486)		2,044		(6,159)

Change in valuation allowance	(981)		(3,915)		1,437
	(975)		(781)		468
Income tax provision	$	317	$	2,607	$	3,267

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Statutory federal tax provision (benefit)	$	18,226	$	23,620	$	(40,337)
Tax impact of REIT election	(17,281)		(21,110)		45,946
State income tax provision (benefit), net of federal tax benefit	890		4,531		(6,119)



Change in valuation allowance	(981)		(3,915)		1,437
Permanent differences	(349)		(495)		2,561
Other	(188)		(24)		(221)
Income tax provision	$	317	$	2,607	$	3,267

Schedule of Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are as follows (in thousands):


	2023		2022
Federal
Net operating loss carryforwards	$	2,585	$	3,541
Deferred income	2,049		3,282

Other	407		511
Depreciation and amortization	(2,074)		(3,808)
Less: Valuation allowance	(1,766)		(3,002)
Federal - Deferred tax assets (liabilities), net	$	1,201	$	524

State
Net operating loss carryforwards	$	8,921	$	8,499
Deferred income	553		851
Alternative minimum tax credit carryforwards	231		211
Other	120		141
Depreciation and amortization	(559)		(987)
Less: Valuation allowance	(8,253)		(7,999)
State - Deferred tax assets, net	$	1,013	$	716

Equity Incentive Plan - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	1,356,937	1,443,295	557,273
Granted (in shares)	247,762	438,070	1,177,537
Forfeited (in shares)	(21,184)	(250,261)	(47,025)
Vested (in shares)	(382,822)	(274,167)	(244,490)
Ending balance (in shares)	1,200,693	1,356,937	1,443,295
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.47	$ 9.46	$ 9.83
Weighted-average grant date fair value, Granted (in dollars per share)	8.94	9.55	9.37
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.13	9.43	9.21
Weighted-average grant date fair value, Vested (in dollars per share)	9.60	9.56	9.94
Ending balance (in dollars per share)	$ 9.33	$ 9.47	$ 9.46

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

As of December 31, 2023 and 2022, the Company had the following derivatives (in thousands):


									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2023		December 31, 2022
Senior unsecured term loans	Swap (1)	2.21	%	SOFR	December 28, 2022	October 18, 2023	$	25,000	$	—	$	517
Senior unsecured term loans	Swap (1)	2.21	%	SOFR	December 28, 2022	October 18, 2023	$	25,000	—		515
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	1,660		3,979
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	1,658		3,976
Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	554		—
Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	449		—
									$	4,321	$	8,987

(1)Swap was designated as cash flow hedge as of April 1, 2023.

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2023, such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements (in thousands):


		Year Ended December 31,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2023		2022		2021
Loss recognized in other comprehensive income	Unrealized loss on interest rate derivative instruments	$	2,634	$	—	$	—
Interest (income) for derivatives that were designated as cash flow hedges	Interest expense	$	(7,688)	$	—	$	—
Interest (income) expense for derivatives that were not designated as cash flow hedges	Interest expense	$	469	$	(13,486)	$	(3,578)

During the next twelve months, the Company estimates that $2.5 million will be reclassified from other comprehensive income as a reduction to interest expense.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following (in thousands):


	December 31,
	2023		2022
Land	$	590,824	$	577,861
Land improvements	7,994		7,994
Buildings	2,878,508		2,798,654
Furniture, fixtures and equipment	561,484		525,901
Construction in progress	21,175		32,422
	4,059,985		3,942,832
Less: accumulated depreciation	(1,304,790)		(1,194,356)
	$	2,755,195	$	2,748,476

Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Beginning balance (in shares)	950,653	969,240	912,186
Granted (in shares)	363,523	407,570	347,981
Additional units from dividends (in shares)	17,886	3,600
Vested (in shares)	(299,766)	(269,224)	(290,927)
Forfeited (in shares)		(160,533)
Ending balance (in shares)	1,032,296	950,653	969,240
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.35	$ 9.45	$ 9.63
Granted (in dollars per share)	9.08	9.66	9.34
Additional unit from dividends (in dollars per share)	8.35	7.89
Vested (in dollars per share)	9.01	10.14	9.90
Forfeited (in dollars per share)		9.34
Ending balance (in dollars per share)	$ 9.34	$ 9.35	$ 9.45
Stock of common stock earned for the PSUs vested (as a percent)	103.36%	105.71%	100.00%

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 4,667	$ 8,007	$ 7,295
Impairment losses	$ 941	$ 2,843	$ 126,697

Debt - Schedule of Debt Covenants (Details) - Senior Unsecured Credit Facility And Unsecured Term Loans	12 Months Ended
	Dec. 31, 2023
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.60
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45.00%
Unencumbered leverage ratio	60.00%
Unencumbered implied debt service coverage ratio	1.20
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.293
Minimum fixed charge coverage ratio	2.93
Secured recourse indebtedness	11.40%
Unencumbered leverage ratio	30.00%
Unencumbered implied debt service coverage ratio	2.49

Hotel Acquisitions and Dispositions (Details) $ in Thousands					1 Months Ended			12 Months Ended
	Oct. 25, 2023 USD ($)	Aug. 01, 2023 USD ($) room	Jun. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Nov. 30, 2022 USD ($) room	Apr. 30, 2022 USD ($) room	Jan. 31, 2022 USD ($) hotel room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Impairment losses								$ 941	$ 2,843	$ 126,697
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Frenchman's Reef
Business Acquisition [Line Items]
Impairment losses										11,500
Frenchman's Reef
Business Acquisition [Line Items]
Proceeds from sale				$ 35,000
The Lexington Hotel
Business Acquisition [Line Items]
Proceeds from sale			$ 185,300
Impairment losses										$ 115,200
Rental Management Agreements
Business Acquisition [Line Items]
Expected amortization, year one								1,100
Expected amortization, year two								1,100
Expected amortization, year three								1,100
Expected amortization, year four								1,100
Expected amortization, year five								1,100
Tranquility Bay Beachfront Resort \| Rental Management Agreements
Business Acquisition [Line Items]
Intangible assets, gross							$ 45,200
Amortization expense								1,100	1,100
Intangible assets, net								$ 40,200	41,300
Tranquility Bay Beachfront Resort \| Third Parties
Business Acquisition [Line Items]
Payments to acquire productive assets									$ 4,100
Number of third parties owned hotel rooms \| hotel							84
Number of units to be acquired \| unit									4
Operating lease, impairment loss									$ 2,800
Tranquility Bay Beachfront Resort \| Third Parties \| Rental Management Agreements
Business Acquisition [Line Items]
Intangible asset useful life (in years)									40 years
Marathon, Florida \| Tranquility Bay Beachfront Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room							103
Payments to acquire productive assets							$ 62,400
Fort Lauderdale, Florida \| Kimpton Shorebreak Fort Lauderdale Beach Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room						96
Payments to acquire productive assets						$ 35,600
Austin, Texas \| Lake Austin Spa Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room					40
Payments to acquire productive assets					$ 75,800
Pray, Montana \| Chico Hot Springs Resort & Day Spa
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room		117
Payments to acquire productive assets		$ 31,900
Pray, Montana \| Chico Day Spa
Business Acquisition [Line Items]
Payments to acquire productive assets	$ 800

Earnings (Loss) Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to common stockholders	$ 76,523	$ 99,511	$ (204,401)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	211,518,826	212,423,873	212,056,923
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	212,304,117	213,188,987	212,056,923
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	340,981	323,435	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	444,310	441,679	0

Hotel Acquisitions and Dispositions	12 Months Ended
Hotel Acquisitions and Dispositions	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Hotel Acquisitions and Dispositions	Hotel Acquisitions and Dispositions Acquisitions 2022 Acquisitions In January 2022, we acquired the 103-room Tranquility Bay Beachfront Resort located in Marathon, Florida, for $62.4 million, including prorations and transaction costs. The acquisition was funded with corporate cash. In April 2022, we acquired the 96-room Kimpton Shorebreak Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for $35.6 million, including prorations and transaction costs. The acquisition was funded with corporate cash. In November 2022, we acquired the 40-room Lake Austin Spa Resort located in Austin, Texas for $75.8 million, including prorations and transaction costs. The acquisition was funded with corporate cash. Included in our acquisition of the Tranquility Bay Beachfront Resort was income from 84 units owned by third parties that currently participate in the hotel's rental management program. We recognized a $45.2 million right-to-manage intangible asset related to these long-term rental agreements. In 2022, subsequent to the initial acquisition, we entered into agreements to purchase four of the third-party owned units for $4.1 million in aggregate. As a result, we recorded an impairment loss of of $2.8 million related to the right-to-manage intangible asset during the year ended December 31, 2022. The intangible asset is being amortized over a period of 40 years, which is our estimate of its useful life, inclusive of expected renewal periods. Amortization expense for the years ended December 31, 2023 and 2022 was $1.1 million. The amortization expense for each of the next five fiscal years is expected to be $1.1 million. The intangible asset, net of accumulated amortization was $40.2 million and $41.3 million as of December 31, 2023 and 2022, respectively, and is recorded within prepaid and other assets on the accompanying consolidated balance sheets. 2023 Acquisition On August 1, 2023, we acquired the 117-room Chico Hot Springs Resort and an adjacent ranch located in Pray, Montana for $31.9 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On October 25, 2023, we acquired the Chico Day Spa adjacent to the hotel for $0.8 million, including prorations and transaction costs. Dispositions In April 2021, we sold the wholly owned subsidiary of the Company that owned the Frenchman's Reef & Morning Star Marriott Beach Resort to an unaffiliated third party pursuant to a share purchase agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company received $35.0 million in cash upon closing, as well as a participation right in the future profits of the hotel once certain return metrics are achieved. Although we expect the profit participation could be meaningful, there can be no assurance that the property will satisfy such return metrics. We have no earned revenue under this profit participation arrangement since the sale. During 2021, we recorded an impairment loss of $11.5 million to adjust the hotel's carrying amount to the contractual consideration. In June 2021, we sold The Lexington Hotel to an unaffiliated third party for $185.3 million. During 2021, we recorded an impairment loss of $115.2 million to adjust the hotel's carrying amount to the contractual consideration.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data):


	Years Ended December 31,
	2023		2022		2021
Numerator:
Net income (loss) attributable to common stockholders	$	76,523	$	99,511	$	(204,401)


Denominator:
Weighted-average number of common shares outstanding—basic	211,518,826		212,423,873		212,056,923
Effect of dilutive securities:
Unvested restricted common stock	340,981		323,435		—
Shares related to unvested PSUs	444,310		441,679		—

Weighted-average number of common shares outstanding—diluted	212,304,117		213,188,987		212,056,923
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic	$	0.36	$	0.47	$	(0.96)
Earnings (loss) per share available to common stockholders—diluted	$	0.36	$	0.47	$	(0.96)

For the year ended December 31, 2021, 379,767 of unvested restricted common shares and 299,810 of unvested PSU's were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. There were no unvested restricted common shares or PSUs excluded from the diluted weighted-average common shares outstanding for the year ended December 31, 2023 and 2022.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance, will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands		12 Months Ended
	Sep. 27, 2022 USD ($) facility	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 26, 2022 USD ($)
Debt Instrument [Line Items]
Principal balance		$ 1,178,189
Loss on early extinguishment of debt	$ 9,700	0	$ 9,766	$ 0
Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Right to increase facility, amount	1,400,000
Revolving Credit Facility \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000				$ 400,000
Repayments of long-term lines of credit	150,000
Unsecured Term Loan Due July 2024 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance					$ 350,000
Unsecured Term Loan Due January 2028 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance		500,000	500,000
Term Loan Facilities \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800,000
Number of facilities \| facility	2
Unsecured Term Loan due January 2025 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance		$ 300,000	300,000
Unsecured Term Loan Due October 2023 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance			$ 50,000

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect the Company's financial position, results of operations, or cash flows. An adjustment was made to the consolidated balance sheet for the year ended December 31, 2022 to combine mortgage debt, net of unamortized debt issuance costs and unsecured term loans, net of unamortized debt issuance costs as debt, net of unamortized debt issuance costs. An adjustment was made to the consolidated statements of operations and comprehensive income for the year ended December 31, 2022 to present other departmental and support expenses and other property-level expenses, which were previously reported in total as other hotel expenses. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Property and equipment are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 5 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations and comprehensive income. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are recognized as revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries. We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations and comprehensive income. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no uncertain tax positions as of December 31, 2023 and 2022. Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-Based Payments The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three to five years from the date of grant. Vested restricted stock awards are settled for the Company's common stock. The grant date fair value per share is equal to the closing stock price on the date of grant. Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from a zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo Simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes in connection with our variable rate debt. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. On the date the derivative contract is entered into, or at a later point in time, we may designate the derivative as a hedging instrument, and, if so, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. Changes in the fair value of a derivative that was determined to be an effective cash flow hedge is reported in other comprehensive income (loss) and is reclassified to interest expense in the same period during which the hedged transaction affects earnings. If we do not specifically designate the derivative as a cash flow hedge, changes in the fair value of the undesignated derivative instrument are reported in current period earnings. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 9 for additional details. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. Debt issuance costs related to our senior unsecured credit facility are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the credit facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. If a refinancing of our debt is considered an extinguishment, unamortized debt issuance costs are included in the gain or loss on extinguishment. All fees paid to or received from creditors are included in the gain or loss on extinguishment. Fees paid to third parties are capitalized as debt issuance costs. If a refinancing of our debt is considered a modification, the net debt issuance costs at the time of modification are amortized over the remaining life of the modified debt. Due to/from Hotel Managers The due from hotel managers consists of hotel-level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis. Concentration of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. We have concentration risk related to one of our hotel properties. In 2023, Chicago Marriott represented 10% of total revenues, total assets, and income before taxes. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. All of our hotels meet the aggregation criteria established by U.S. GAAP for segment reporting, and as a result, we have one reportable segment. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 4,139
2025	4,206
2026	4,701
2027	4,737
2028	5,020
Thereafter	747,799
Total lease payments	770,602
Less imputed interest	(657,736)
Total lease liabilities	$ 112,866	$ 110,875

Relationships with Managers and Franchisors (Tables)

12 Months Ended

Dec. 31, 2023

Relationships With Managers [Abstract]

Schedule of Management Fees from Continuing Operations

The following is a summary of management fees for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Base management fees	$	22,543	$	20,630	$	11,542
Incentive management fees	4,444		4,790		468
Amortization of deferred income related to key money (1)	(400)		(392)		(213)
Amortization of unfavorable contract liabilities	(1,589)		(1,589)		(1,589)
Total management fees, net	$	24,998	$	23,439	$	10,208

_____________________________

(1)Relates to key money received for Chicago Marriott Downtown Magnificent Mile, Westin Washington D.C. City Center and Henderson Beach Resort.

Schedule of Franchise Fees

The following is a summary of franchise fees for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Franchise fees	$	35,769	$	32,714	$	18,781
Amortization of deferred income related to key money (1)	(31)		(31)		(116)
Total franchise fees, net	$	35,738	$	32,683	$	18,665

_____________________________

(1)Relates to key money received for The Lexington Hotel and Courtyard New York Manhattan/Fifth Avenue.

Income Taxes - Schedule of Distributions Paid, Tax Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0.120000	$ 0.090000	$ 0
Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	2.062500	2.062500
Ordinary non-qualified income \| Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0.120000	0.044543	0
Ordinary non-qualified income \| Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	1.020772	0
Qualified dividends \| Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0	0.045457	0
Qualified dividends \| Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0	1.041728	0
Return of capital \| Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0	$ 0	$ 2.062500

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state and local taxes.

For federal income tax purposes, the cash distributions paid to holders of our common stock and Series A Preferred Stock may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts.

The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2023, 2022, and 2021:


	Year Ended December 31,
	2023		2022		2021
Common Stock
Ordinary non-qualified income	$	0.120000	$	0.044543	$	—
Qualified dividends	—		0.045457		—


	$	0.120000	$	0.090000	$	—
Series A Preferred Stock
Ordinary non-qualified income	$	2.062500	$	1.020772	$	—
Qualified dividends	—		1.041728		—

Return of capital	—		—		2.062500
	$	2.062500	$	2.062500	$	2.062500

Our provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current - Federal	$	(84)	$	901	$	2,759
State	1,376		2,487		40

	1,292		3,388		2,799
Deferred - Federal	492		1,090		5,190
State	(486)		2,044		(6,159)

Change in valuation allowance	(981)		(3,915)		1,437
	(975)		(781)		468
Income tax provision	$	317	$	2,607	$	3,267

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Statutory federal tax provision (benefit)	$	18,226	$	23,620	$	(40,337)
Tax impact of REIT election	(17,281)		(21,110)		45,946
State income tax provision (benefit), net of federal tax benefit	890		4,531		(6,119)



Change in valuation allowance	(981)		(3,915)		1,437
Permanent differences	(349)		(495)		2,561
Other	(188)		(24)		(221)
Income tax provision	$	317	$	2,607	$	3,267

Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands):


	2023		2022
Federal
Net operating loss carryforwards	$	2,585	$	3,541
Deferred income	2,049		3,282

Other	407		511
Depreciation and amortization	(2,074)		(3,808)
Less: Valuation allowance	(1,766)		(3,002)
Federal - Deferred tax assets (liabilities), net	$	1,201	$	524

State
Net operating loss carryforwards	$	8,921	$	8,499
Deferred income	553		851
Alternative minimum tax credit carryforwards	231		211
Other	120		141
Depreciation and amortization	(559)		(987)
Less: Valuation allowance	(8,253)		(7,999)
State - Deferred tax assets, net	$	1,013	$	716

As of December 31, 2023, we had deferred tax assets of $11.5 million consisting of federal and state net operating loss carryforwards. The state loss carryforwards generally expire in 2032 through 2041 if not utilized by then; however, for certain states some loss carryforwards do not expire. The federal loss carryforwards do not expire.

We analyze our deferred tax assets for each jurisdiction and record a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets. As of December 31, 2023, we have a valuation allowance of $10.0 million on our deferred tax assets, which represents the amount of deferred tax assets that we believe is more likely than not to be realized. Our assessment included, among other considerations, the future reversals of existing taxable temporary differences and future taxable income that can be reasonably projected.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data):


	Years Ended December 31,
	2023		2022		2021
Numerator:
Net income (loss) attributable to common stockholders	$	76,523	$	99,511	$	(204,401)


Denominator:
Weighted-average number of common shares outstanding—basic	211,518,826		212,423,873		212,056,923
Effect of dilutive securities:
Unvested restricted common stock	340,981		323,435		—
Shares related to unvested PSUs	444,310		441,679		—

Weighted-average number of common shares outstanding—diluted	212,304,117		213,188,987		212,056,923
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic	$	0.36	$	0.47	$	(0.96)
Earnings (loss) per share available to common stockholders—diluted	$	0.36	$	0.47	$	(0.96)