0001298946-24-000095 | 10-Q | XBRL Viewer | Diamondrock Hospitality Co

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property and Equipment
Property and equipment, gross	$ 4,095,139	$ 4,059,985
Less: accumulated depreciation	(1,360,513)	(1,304,790)
Property and equipment, net	2,734,626	2,755,195
Land
Property and Equipment
Property and equipment, gross	590,824	590,824
Land improvements
Property and Equipment
Property and equipment, gross	7,994	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, gross	2,899,209	2,878,508
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	570,551	561,484
Construction in progress
Property and Equipment
Property and equipment, gross	$ 26,561	$ 21,175

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

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


			Principal Balance as of
Loan	Interest Rate as of June 30, 2024	Maturity Date	June 30, 2024		December 31, 2023




Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	$	73,416	$	74,346
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	72,756		73,727
Hotel Clio mortgage loan	4.33%	July 2025	55,382		56,091
Westin Boston Seaport District mortgage loan	4.36%	November 2025	171,731		174,025
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			1,173,285		1,178,189
Unamortized debt issuance costs (3)			(806)		(1,184)
Debt, net of unamortized debt issuance costs			$	1,172,479	$	1,177,005
Weighted-Average Interest Rate (4)	5.22%

_______________________

(1)Interest rate as of June 30, 2024 was 6.80%, which excludes the effect of interest rate swaps.

(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 Prepaid and Other Assets on the accompanying consolidated balance sheet.

(4)Weighted-average interest rate as of June 30, 2024 includes the effect of interest rate swaps. See Note 5 for additional disclosures on interest rate swaps.

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 secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of June 30, 2024, four of our 36 hotels were secured by mortgage debt. We have one mortgage loan that matures on August 6, 2024, which has a principal balance of $73.4 million as of June 30, 2024. We intend to repay this mortgage loan using cash on hand. We intend to refinance the other mortgage loans that mature in 2025 as they approach their respective maturity dates. In the case that refinancing options are not attractive, we may repay such mortgage loans using our senior unsecured revolving credit facility.

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. We had no cash trapped as of June 30, 2024 and December 31, 2023.

Senior Unsecured Credit Facility and Unsecured Term Loans

We are party to a Sixth Amended and Restated Credit Agreement (the “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 facilities 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 intend to exercise our right to extend our $300 million term loan an additional year. We have the right to increase the aggregate amount of the facilities to $1.4 billion upon the satisfaction of certain standard conditions.

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

Actual at

Covenant

June 30, 2024

Maximum leverage ratio (1)

60%

29.0%

Minimum fixed charge coverage ratio (2)

1.50x

2.92x

Secured recourse indebtedness

Less than 45% of Total Asset Value

11.3%

Maximum unencumbered leverage ratio

60%

30.4%

Minimum unencumbered implied debt service coverage ratio

1.20x

2.49x

_____________________________

(1)Leverage ratio is net indebtedness, as defined in the Credit Agreement, divided by total asset value, defined in the 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 Credit Agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the 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.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Mortgage debt interest	$	4,009	$	4,111	$	8,044	$	8,202
Unsecured term loan interest	11,368		10,608		22,755		20,848
Credit facility interest and unused fees	312		317		623		630
Amortization of debt issuance costs and debt premium	513		512		1,026		1,026
Interest rate swap mark-to-market	—		19		—		2,033
	$	16,202	$	15,567	$	32,448	$	32,739

- 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.

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		207,257,610
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Entity Listings [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

Equity Incentive Plans - Fair Value Assumptions (Details) - Shares related to unvested PSUs - $ / shares	May 07, 2024	Feb. 23, 2023	Aug. 09, 2022	Feb. 22, 2022	Mar. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	36.50%	74.50%	73.30%	71.40%	68.80%
Risk-Free Rate	4.64%	4.40%	3.20%	1.74%	0.26%
Fair value at grant date (in dollars per share)	$ 8.03	$ 9.22	$ 9.65	$ 9.84	$ 9.28
Fair value at grant date based on hotel market share (in dollars per share)	$ 8.72	$ 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.

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+ Details

Equity Incentive Plans - Stock Awards Activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Unvested restricted common stock
Number of Shares
Beginning balance (in shares)		1,200,693
Number of shares, granted (in shares)		335,438
Vested (in shares)		(912,544)
Ending balance (in shares)	623,587	623,587
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 9.33
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		8.72
Vested (in dollars per share)		9.37
Ending balance (in dollars per share)	$ 8.94	$ 8.94
Performance Stock Units
Number of Shares
Beginning balance (in shares)		1,032,296
Number of shares, granted (in shares)		364,799
Additional units from dividends (in shares)		5,651
Vested (in shares)		(301,861)
Ending balance (in shares)	1,100,885	1,100,885
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 9.34
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		8.36
Additional units from dividends (in dollars per share)		9.38
Vested (in dollars per share)		9.32
Ending balance (in dollars per share)	$ 9.02	$ 9.02
Stock of common stock earned for the PSUs vested (as a percent)		95.60%
Long-term Incentive Plan Unit
Number of Shares
Beginning balance (in shares)		314,137
Number of shares, granted (in shares)		97,477
Vested (in shares)		(257,270)
Ending balance (in shares)	154,344	154,344
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 9.01
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		8.72
Vested (in dollars per share)		8.94
Ending balance (in dollars per share)	$ 8.94	$ 8.94
Nonemployee Director Awards
Number of Shares
Number of shares, granted (in shares)	88,305	88,305
Weighted- Average Grant Date Fair Value
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)	$ 8.72	$ 8.72

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024				December 31, 2023
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,172,479	$	1,167,671	$	1,177,005	$	1,167,638

_______________

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

The fair value of our debt is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates.

The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swaps 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 amount.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		6	2023
Numerator:
Net income attributable to common stockholders	$	22,076	$	36,511	$	27,950		$	43,213


Denominator:
Weighted-average number of common shares outstanding—basic	211,195,463		211,673,828		211,432,403			211,543,398
Effect of dilutive securities:
Unvested restricted common stock	120,182		233,614		123,222			247,680

Shares related to unvested PSUs	700,800		254,508		721,190			301,512
Weighted-average number of common shares outstanding—diluted	212,016,445		212,161,950		212,276,815			212,092,590
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.10	$	0.17	$	0.13		$	0.20
Earnings per share available to common stockholders—diluted	$	0.10	$	0.17	$	0.13		$	0.20

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the basic and 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 available to common stockholders.

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	June 30, 2024		December 31, 2023
Land	$	590,824	$	590,824
Land improvements	7,994		7,994
Buildings and site improvements	2,899,209		2,878,508
Furniture, fixtures and equipment	570,551		561,484
Construction in progress	26,561		21,175
	4,095,139		4,059,985
Less: accumulated depreciation	(1,360,513)		(1,304,790)
	$	2,734,626	$	2,755,195

As of June 30, 2024 and December 31, 2023, we had accrued capital expenditures of $4.0 million and $4.7 million, respectively.

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (in thousands):


									Fair Value of Assets
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		June 30, 2024		December 31, 2023
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	216		1,660
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	216		1,658
Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	1,958		554
Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	1,537		449
									$	3,927	$	4,321

______________________

(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 related to derivative financial instruments (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2024		2023		2024		2023
Loss (gain) recognized in other comprehensive income	Unrealized loss (gain) on interest rate derivative instruments	$	1,355	$	(3,467)	$	394	$	(3,383)
Interest (income) for derivatives that were designated as cash flow hedges	Interest expense	$	(2,351)	$	(2,395)	$	(4,708)	$	(2,542)
Interest (income) expense for derivatives that were not designated as cash flow hedges	Interest expense	$	—	$	—	$	—	$	469

Equity (Details)	1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
Equity (Details)	Aug. 02, 2024 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	May 31, 2024 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares			400,000,000			400,000,000		400,000,000
Common stock, par value (in dollars per share)			$ 0.01			$ 0.01		$ 0.01
Votes per common share \| vote						1
Repurchase of common stock \| $						$ 20,610,000	$ 2,423,000
Preferred stock, shares authorized (up to) (in shares) \| shares			10,000,000			10,000,000		10,000,000
Preferred stock, par value (in dollars per share)			$ 0.01			$ 0.01		$ 0.01
Preferred stock, dividend rate (as a percent)						8.25%		8.25%
Liquidation preference per share (in dollars per share)			25.00			$ 25.00		$ 25.00
Limited partnership, price per unit (in dollars per share)		$ 11.76
Option to redeem for common stock ratio		1
Common stock, dividend declared (in dollars per share)			0.03	$ 0.03	$ 0.03	0.06	$ 0.06
Distributions per preferred share (in dollars per share)			$ 0.5156	$ 0.5156	$ 0.5156	$ 1.0313	$ 1.0313
Long-term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares) \| shares			154,344			154,344		314,137
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares) \| shares		796,684
Operating partnerships units held (in shares) \| shares			980,436			980,436		723,166
Subsequent Event
Class of Stock [Line Items]
Remaining repurchase amount \| $	$ 174,000,000.0
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) \| $						$ 200,000,000.0
Shares sold (in shares) \| shares						0
Value amount of shares authorized to be repurchased (up to) \| $									$ 200,000,000.0
Shares repurchased (in shares) \| shares						2,454,307
Repurchased shares, average price per share (in dollars per share)						$ 8.39
Repurchase of common stock \| $						$ 20,600,000
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares	660,569
Repurchased shares, average price per share (in dollars per share)	$ 8.14
Repurchase of common stock \| $	$ 5,400,000
Series A Preferred Stock
Class of Stock [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)			$ 25.00			$ 25.00		$ 25.00
Redemption price per share (in dollars per share)			$ 25.00			$ 25.00		$ 25.00

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Distributions in Excess of Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			4,760,000	209,374,830
Beginning 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 income	9,188	9,156					9,156	32
Unrealized (loss) gain on interest rate derivative instruments	(84)	(84)				(84)
Unrealized gain on Rabbi Trust assets	237	237				237
Distributions on common stock	(6,327)	(6,295)					(6,295)	(32)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				804,541
Share-based compensation	1,967	1,827			1,827			140
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(333,779)
Shares redeemed to satisfy withholdings on vested share based compensation	(3,023)	(3,023)		$ 6	(3,029)
Common stock repurchased and retired (in shares)				(56,400)
Common stock repurchased and retired	(409)	(409)		$ (2)	(407)
Ending balance (in shares) at Mar. 31, 2023			4,760,000	209,789,192
Ending Balance at Mar. 31, 2023	1,595,273	1,588,836	$ 48	$ 2,098	2,286,824	153	(700,287)	6,437
Beginning balance (in shares) at Dec. 31, 2022			4,760,000	209,374,830
Beginning 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 income	48,322
Unrealized gain on Rabbi Trust assets	447
Ending balance (in shares) at Jun. 30, 2023			4,760,000	209,589,638
Ending Balance at Jun. 30, 2023	1,630,057	1,623,258	$ 48	$ 2,095	2,287,348	3,830	(670,063)	6,799
Beginning balance (in shares) at Mar. 31, 2023			4,760,000	209,789,192
Beginning Balance at Mar. 31, 2023	1,595,273	1,588,836	$ 48	$ 2,098	2,286,824	153	(700,287)	6,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,134	38,965					38,965	169
Unrealized (loss) gain on interest rate derivative instruments	3,467	3,467				3,467
Unrealized gain on Rabbi Trust assets	210	210				210
Distributions on common stock	(6,319)	(6,287)					(6,287)	(32)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				62,500
Share-based compensation	2,760	2,535			2,535			225
Common stock repurchased and retired (in shares)				(262,054)
Common stock repurchased and retired	(2,014)	(2,014)		$ (3)	(2,011)
Ending balance (in shares) at Jun. 30, 2023			4,760,000	209,589,638
Ending Balance at Jun. 30, 2023	1,630,057	1,623,258	$ 48	$ 2,095	2,287,348	3,830	(670,063)	6,799
Beginning balance (in shares) at Dec. 31, 2023			4,760,000	209,627,197
Beginning Balance at Dec. 31, 2023	1,648,983	1,642,075	$ 48	$ 2,096	2,291,297	(2,036)	(649,330)	6,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,358	8,328					8,328	30
Unrealized (loss) gain on interest rate derivative instruments	960	957				957		3
Unrealized gain on Rabbi Trust assets	299	298				298		1
Distributions on common stock	(6,332)	(6,301)					(6,301)	(31)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				753,860
Share-based compensation	2,335	1,902		$ 7	1,895			433
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(316,624)
Shares redeemed to satisfy withholdings on vested share based compensation	(2,907)	(2,907)		$ (3)	(2,904)
Ending balance (in shares) at Mar. 31, 2024			4,760,000	210,064,433
Ending Balance at Mar. 31, 2024	1,649,242	1,641,898	$ 48	$ 2,100	2,290,288	(781)	(649,757)	7,344
Beginning balance (in shares) at Dec. 31, 2023			4,760,000	209,627,197
Beginning Balance at Dec. 31, 2023	1,648,983	1,642,075	$ 48	$ 2,096	2,291,297	(2,036)	(649,330)	6,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,989
Unrealized gain on Rabbi Trust assets	352
Ending balance (in shares) at Jun. 30, 2024			4,760,000	207,918,179
Ending Balance at Jun. 30, 2024	1,649,032	1,640,354	$ 48	$ 2,079	2,274,223	(2,077)	(633,919)	8,678
Beginning balance (in shares) at Mar. 31, 2024			4,760,000	210,064,433
Beginning Balance at Mar. 31, 2024	1,649,242	1,641,898	$ 48	$ 2,100	2,290,288	(781)	(649,757)	7,344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,631	24,530					24,530	101
Unrealized (loss) gain on interest rate derivative instruments	(1,354)	(1,349)				(1,349)		(5)
Unrealized gain on Rabbi Trust assets	53	53				53
Distributions on common stock	(6,272)	(6,238)					(6,238)	(34)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				503,457
Share-based compensation	7,527	6,255		$ 5	6,250			1,272
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(195,404)
Shares redeemed to satisfy withholdings on vested share based compensation	(1,731)	(1,731)		$ (2)	(1,729)
Common stock repurchased and retired (in shares)				(2,454,307)
Common stock repurchased and retired	(20,610)	(20,610)		$ (24)	(20,586)
Ending balance (in shares) at Jun. 30, 2024			4,760,000	207,918,179
Ending Balance at Jun. 30, 2024	$ 1,649,032	$ 1,640,354	$ 48	$ 2,079	$ 2,274,223	$ (2,077)	$ (633,919)	$ 8,678

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 27, 2022 USD ($) facility
Line of Credit
Line of Credit Facility [Line Items]
Right to increase facility, amount			$ 1,400,000,000
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			400,000,000
Term Loan Facilities \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 800,000,000
Number of facilities \| facility			2
Unsecured Term Loan Due January 2028 \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance	$ 500,000,000	$ 500,000,000
Unsecured Term Loan due January 2025 \| Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance	$ 300,000,000	$ 300,000,000

Equity Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 27, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio			1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	28,474		28,474
Awards expected to vest in 2025 (in shares)	245,444		245,444
Awards expected to vest in 2026 (in shares)	236,859		236,859
Awards expected to vest in 2027 (in shares)	106,101		106,101
Awards expected to vest in 2028 (in shares)	6,709		6,709
Unrecognized compensation cost	$ 4.3		$ 4.3
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			27 months
Compensation expense (reversal)	2.9	$ 1.0	$ 3.9	$ 2.1
Number of shares, granted (in shares)			335,438
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.72
Restricted Stock \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ 2.0		$ 2.0
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2025 (in shares)	330,228		330,228
Awards expected to vest in 2026 (in shares)	369,929		369,929
Awards expected to vest in 2027 (in shares)	400,728		400,728
Unrecognized compensation cost	$ 3.6		$ 3.6
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			30 months
Compensation expense (reversal)	2.5	0.8	$ 3.4	1.5
Stock of common stock earned for the PSUs vested (as a percent)			95.60%
Percentage of target award of maximum possible payout to executives (as a percent)			150.00%
Number of shares, granted (in shares)			364,799
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.36
Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ 1.8		$ 1.8
Total shareholder return (as a percent)			50.00%
Hotel market share (as a percent)			50.00%
Stock of common stock earned for the PSUs vested (as a percent)	100.00%		100.00%
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)	14,217		14,217
Awards expected to vest in 2025 (in shares)	46,709		46,709
Awards expected to vest in 2026 (in shares)	46,709		46,709
Unrecognized compensation cost	$ 1.2		$ 1.2
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			34 months
Compensation expense (reversal)	1.3	0.2	$ 1.8	0.4
Number of shares, granted (in shares)			97,477
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.72
Long-term Incentive Plan Unit \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	1.2		$ 1.2
Nonemployee Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ 0.8	$ 0.7	$ 0.8	$ 0.7
Number of shares, granted (in shares)	88,305		88,305
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)	$ 8.72		$ 8.72
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Minimum \| Performance Stock Units
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 Stock Units \| Executive Officers
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 Stock Units
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%
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to) (in shares)					7,900,000
Share based compensation arrangement by share based payment award number of shares issued or committed to issue (in shares)	1,068,419		1,068,419

Organization	6 Months Ended
Organization	Jun. 30, 2024
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 June 30, 2024, we owned 36 hotels with 9,760 guest 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 real estate investment trust, 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 owned 99.5% of the limited partnership units (“common OP units”) of our operating partnership as of June 30, 2024. The remaining 0.5% of the common OP units are held by third parties and executive officers of the Company. See Note 7 for additional disclosures related to common OP units.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,530	$ 38,965	$ 32,858	$ 48,121

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 309,280	$ 291,247	$ 565,703	$ 534,800
Operating Expenses:
Depreciation and amortization	27,873	27,840	56,186	55,312
Impairment losses	0	941	0	941
Corporate expenses	28,519	8,284	37,423	16,151
Business interruption insurance income	0	(110)	0	(110)
Total operating expenses, net	268,274	236,646	502,252	454,488
Interest expense	16,202	15,567	32,448	32,739
Interest (income) and other (income) expense, net	(1,195)	(522)	(2,264)	(945)
Total other expenses, net	15,007	15,045	30,184	31,794
Income before income taxes	25,999	39,556	33,267	48,518
Income tax expense	(1,368)	(422)	(278)	(196)
Net income	24,631	39,134	32,989	48,322
Less: Net income attributable to noncontrolling interests	(101)	(169)	(131)	(201)
Net income attributable to the Company	24,530	38,965	32,858	48,121
Distributions to preferred stockholders	(2,454)	(2,454)	(4,908)	(4,908)
Net income attributable to common stockholders	$ 22,076	$ 36,511	$ 27,950	$ 43,213
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.10	$ 0.17	$ 0.13	$ 0.20
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.10	$ 0.17	$ 0.13	$ 0.20
Comprehensive Income:
Net income	$ 24,631	$ 39,134	$ 32,989	$ 48,322
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	(1,354)	3,467	(394)	3,383
Unrealized gain on Rabbi Trust assets	53	210	352	447
Comprehensive income	23,330	42,811	32,947	52,152
Comprehensive income attributable to noncontrolling interests	(100)	(151)	(134)	(183)
Comprehensive income attributable to the Company	23,230	42,660	32,813	51,969
Rooms
Revenues:
Total revenues	203,487	197,318	366,994	357,991
Operating Expenses:
Operating expenses	47,585	45,116	91,553	85,319
Food and beverage
Revenues:
Total revenues	78,111	68,369	146,492	128,146
Operating Expenses:
Operating expenses	50,717	45,908	97,956	89,058
Other
Revenues:
Total revenues	27,682	25,560	52,217	48,663
Operating Expenses:
Operating expenses	67,817	65,445	132,417	127,413
Management fees
Operating Expenses:
Operating expenses	8,008	6,885	13,318	11,873
Franchise fees
Operating Expenses:
Operating expenses	10,567	9,403	19,593	17,480
Other property-level expenses
Operating Expenses:
Operating expenses	$ 27,188	$ 26,934	$ 53,806	$ 51,051

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs and debt premium	$ 513	$ 512	$ 1,026	$ 1,026
Interest rate swap mark-to-market	0	19	0	2,033
Interest expense	16,202	15,567	32,448	32,739
Mortgage debt interest
Debt Instrument [Line Items]
Debt, interest expenses	4,009	4,111	8,044	8,202
Unsecured term loan interest
Debt Instrument [Line Items]
Debt, interest expenses	11,368	10,608	22,755	20,848
Credit facility interest and unused fees
Debt Instrument [Line Items]
Debt, interest expenses	$ 312	$ 317	$ 623	$ 630

- 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.

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-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

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Equity	6 Months Ended
Equity	Jun. 30, 2024
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, which is scheduled to expire pursuant to its terms on August 6, 2024. We expect to replace the ATM Program prior to its expiration. In May 2024, our board of directors authorized the repurchase of up to $200.0 million of our common stock under a new share repurchase program, which replaced our prior share repurchase program that was authorized in September 2022. The timing and actual number of shares repurchased will depend on a variety of factors, including price and general business and market conditions. The new 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. The new share repurchase program will expire on May 1, 2026. As of June 30, 2024, we repurchased 2,454,307 shares of common stock at an average price of $8.39 per share for a total purchase price of $20.6 million under this program. Subsequent to June 30, 2024, we repurchased 660,569 shares at an average price of $8.14 per share for a total purchase price of $5.4 million. As of August 2, 2024, we have $174.0 million of authorized capacity remaining under the new share repurchase program. All share repurchases during the year were made under the new share repurchase program. Preferred Shares We are authorized by our charter 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 June 30, 2024 and December 31, 2023, there were 4,760,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) issued and outstanding with a liquidation preference each 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 our acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, then valued 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 2024 Equity Incentive 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 8 for additional disclosures related to LTIP units. There were 980,436 and 723,166 common OP units held by unaffiliated third parties and executive officers of the Company as of June 30, 2024 and December 31, 2023, respectively. There were 154,344 and 314,137 unvested LTIP units outstanding as of June 30, 2024 and December 31, 2023, respectively. Dividends and Distributions For each of the six months ended June 30, 2024 and 2023, we paid an aggregate cash dividend of $0.06 per share or unit to holders of our common stock, common OP units, and LTIP units. For each of the six months ended June 30, 2024 and 2023, we paid an aggregate cash dividend of $1.0313 per share to holders of our 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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 other 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 and comprehensive income. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 1,173,285	$ 1,178,189
Debt, net of unamortized debt issuance costs	$ 1,172,479	1,177,005
Weighted-Average Interest Rate (as a percent)	5.22%
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (806)	(1,184)
Unsecured Term Loan Due January 2028 \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 500,000	500,000
Effective interest rate	680.00%
Unsecured Term Loan due January 2025 \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 300,000	300,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Senior unsecured credit facility	$ 0	0
Courtyard New York Manhattan/Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.40%
Principal balance	$ 73,416	74,346
Worthington Renaissance Fort Worth Hotel mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	3.66%
Principal balance	$ 72,756	73,727
Hotel Clio mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.33%
Principal balance	$ 55,382	56,091
Westin Boston Seaport District mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.36%
Principal balance	$ 171,731	$ 174,025

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2024 to June 30, 2024 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	1,200,693	$	9.33
Granted	335,438	8.72
Vested	(912,544)	9.37

Unvested balance at June 30, 2024	623,587	$	8.94

Schedule of Fair Value Assumptions

The determination of the grant-date fair values of outstanding awards based on our relative 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
May 7, 2024	36.5%	4.64%	$8.03	$8.72

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2024 to June 30, 2024 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	1,032,296	$	9.34
Granted	364,799	8.36
Additional units from dividends	5,651	9.38
Vested (1)	(301,861)	9.32

Unvested balance at June 30, 2024	1,100,885	$	9.02

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.6% of the PSU Target Award.

Schedule of LTIP Units

A summary of our LTIP units from January 1, 2024 to June 30, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	314,137	$	9.01
Granted	97,477	8.72
Vested (1)	(257,270)	8.94

Unvested balance at June 30, 2024	154,344	$	8.94

______________________

(1)As of June 30, 2024, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to common stockholders	$ 22,076	$ 36,511	$ 27,950	$ 43,213
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	211,195,463	211,673,828	211,432,403	211,543,398
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	212,016,445	212,161,950	212,276,815	212,092,590
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.10	$ 0.17	$ 0.13	$ 0.20
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.10	$ 0.17	$ 0.13	$ 0.20
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	120,182	233,614	123,222	247,680
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	700,800	254,508	721,190	301,512

Derivatives - Schedule of Gains and Losses Recognized on Derivative Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Gain expected to be reclassified in the next twelve months as a decrease to interest expense			$ 2,300
Designated as Hedging Instrument \| Unrealized loss (gain) on interest rate derivative instruments
Derivative [Line Items]
(Loss) gain recognized	$ 1,355	$ (3,467)	394	$ (3,383)
Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
(Loss) gain recognized	(2,351)	(2,395)	(4,708)	(2,542)
Not Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
(Loss) gain recognized	$ 0	$ 0	$ 0	$ 469

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		6	2023
Numerator:
Net income attributable to common stockholders	$	22,076	$	36,511	$	27,950		$	43,213


Denominator:
Weighted-average number of common shares outstanding—basic	211,195,463		211,673,828		211,432,403			211,543,398
Effect of dilutive securities:
Unvested restricted common stock	120,182		233,614		123,222			247,680

Shares related to unvested PSUs	700,800		254,508		721,190			301,512
Weighted-average number of common shares outstanding—diluted	212,016,445		212,161,950		212,276,815			212,092,590
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.10	$	0.17	$	0.13		$	0.20
Earnings per share available to common stockholders—diluted	$	0.10	$	0.17	$	0.13		$	0.20

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 4,043	$ 6,153	$ 4,700

Debt - Schedule of Applicable Margin (Details)	6 Months Ended
Debt - Schedule of Applicable Margin (Details)	Jun. 30, 2024
Less than 30% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Less than 30% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Greater than or equal to 30% but less than 35% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 30% but less than 35% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Greater than or equal to 35% but less than 40% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Greater than or equal to 35% but less than 40% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 40% but less than 45% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.60%
Greater than or equal to 40% but less than 45% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.55%
Greater than or equal to 45% but less than 50% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.80%
Greater than or equal to 45% but less than 50% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 50% but less than 55% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.95%
Greater than or equal to 50% but less than 55% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.85%
Greater than or equal to 55% \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 55% \| Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.20%

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2024 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	9,760
Number Of Hotels Operated, Percentage	60.00%
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest (as a percent)	99.50%
Limited partners, ownership interest (as a percent)	0.50%

Debt (Tables)

6 Months Ended

Jun. 30, 2024

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
Loan	Interest Rate as of June 30, 2024	Maturity Date	June 30, 2024		December 31, 2023




Courtyard New York Manhattan/Midtown East mortgage loan	4.40%	August 2024	$	73,416	$	74,346
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	72,756		73,727
Hotel Clio mortgage loan	4.33%	July 2025	55,382		56,091
Westin Boston Seaport District mortgage loan	4.36%	November 2025	171,731		174,025
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			1,173,285		1,178,189
Unamortized debt issuance costs (3)			(806)		(1,184)
Debt, net of unamortized debt issuance costs			$	1,172,479	$	1,177,005
Weighted-Average Interest Rate (4)	5.22%

_______________________

(1)Interest rate as of June 30, 2024 was 6.80%, which excludes the effect of interest rate swaps.

(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 Prepaid and Other Assets on the accompanying consolidated balance sheet.

(4)Weighted-average interest rate as of June 30, 2024 includes the effect of interest rate swaps. See Note 5 for additional disclosures on interest rate swaps.

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 the Most Significant Covenants

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

Actual at

Covenant

June 30, 2024

Maximum leverage ratio (1)

60%

29.0%

Minimum fixed charge coverage ratio (2)

1.50x

2.92x

Secured recourse indebtedness

Less than 45% of Total Asset Value

11.3%

Maximum unencumbered leverage ratio

60%

30.4%

Minimum unencumbered implied debt service coverage ratio

1.20x

2.49x

_____________________________

Schedule of Components of Interest Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Mortgage debt interest	$	4,009	$	4,111	$	8,044	$	8,202
Unsecured term loan interest	11,368		10,608		22,755		20,848
Credit facility interest and unused fees	312		317		623		630
Amortization of debt issuance costs and debt premium	513		512		1,026		1,026
Interest rate swap mark-to-market	—		19		—		2,033
	$	16,202	$	15,567	$	32,448	$	32,739

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024				December 31, 2023
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,172,479	$	1,167,671	$	1,177,005	$	1,167,638

_______________

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

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividend declared (in dollars per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.06	$ 0.06
Distributions per preferred share (in dollars per share)	$ 0.5156	$ 0.5156	$ 0.5156	$ 1.0313	$ 1.0313

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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)	207,918,179	209,627,197
Common stock, shares outstanding (in shares)	207,918,179	209,627,197

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity Incentive Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

On February 27, 2024, our board of directors adopted the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan was approved by our stockholders on May 1, 2024. The 2024 Plan replaces the 2016 Equity Incentive Plan (as amended, the "2016 Plan") and share grants will no longer be made under the 2016 Plan; however, shares underlying awards already granted under the 2016 Plan will still be issued under the 2016 Plan if the awards vest. Under the 2024 Plan, we are authorized to issue up to 7,900,000 shares of our common stock, of which we have issued or committed to issue 1,068,419 shares as of June 30, 2024. Shares underlying awards that are granted under the 2024 Plan that are forfeited, cancelled, reacquired prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than be exercise), including shares tendered or held back upon settlement of an award, other than a stock option or stock appreciation right, to cover the tax withholding will be added back to the shares available for issuance under the 2024 Plan.

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 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, 2024 to June 30, 2024 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	1,200,693	$	9.33
Granted	335,438	8.72
Vested	(912,544)	9.37

Unvested balance at June 30, 2024	623,587	$	8.94

The total unvested restricted stock awards as of June 30, 2024 are expected to vest as follows: 28,474 shares during 2024, 245,444 shares during 2025, 236,859 shares during 2026, 106,101 shares during 2027, and 6,709 shares during 2028. As of June 30, 2024, the unrecognized compensation cost related to restricted stock awards was $4.3 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 27 months. We recorded $2.9 million and $3.9 million of compensation expense related to restricted stock awards for the three and six months ended June 30, 2024, respectively, which included $2.0 million of accelerated compensation expense related to restricted stock awards for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. We recorded $1.0 million and $2.1 million of compensation expense related to restricted stock awards for the three and six months ended June 30, 2023, respectively.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three or 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. There are limitations on the number of PSUs earned if the Company's total stockholder return is negative for the 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 Global, 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 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
May 7, 2024	36.5%	4.64%	$8.03	$8.72

A summary of our PSUs from January 1, 2024 to June 30, 2024 is as follows:


	Number of Target Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	1,032,296	$	9.34
Granted	364,799	8.36
Additional units from dividends	5,651	9.38
Vested (1)	(301,861)	9.32

Unvested balance at June 30, 2024	1,100,885	$	9.02

______________________

(1)The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.6% of the PSU Target Award.

The total unvested PSUs as of June 30, 2024 are expected to vest as follows: 330,228 units during 2025, 369,929 units during 2026, and 400,728 units during 2027. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of June 30, 2024, the unrecognized compensation cost related to the PSUs was $3.6 million and is expected to be recognized on a straight-line basis over a weighted average period of 30 months. We recorded $2.5 million and $3.4 million of compensation expense related to the PSUs for the three and six months ended June 30, 2024, respectively, which included $1.8 million of accelerated compensation expense related to PSUs for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. These awards will vest at 100% of the PSU Target Award based on their original vesting schedule. We recorded $0.8 million and $1.5 million of compensation expense related to the PSUs for the three and six months ended June 30, 2023, respectively.

LTIP Units

LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while potentially allowing them a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share

of common stock reserved under the 2016 Plan or 2024 Plan, as applicable. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules.

A summary of our LTIP units from January 1, 2024 to June 30, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024	314,137	$	9.01
Granted	97,477	8.72
Vested (1)	(257,270)	8.94

Unvested balance at June 30, 2024	154,344	$	8.94

______________________

(1)As of June 30, 2024, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

The total unvested LTIP units as of June 30, 2024 are expected to vest as follows: 14,217 during 2024, and 46,709 during each of 2025, 2026, and 2027. As of June 30, 2024, the unrecognized compensation cost related to LTIP unit awards was $1.2 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 34 months. We recorded $1.3 million and $1.8 million of compensation expense related to LTIP unit awards for the three and six months ended June 30, 2024, respectively, which included $1.2 million of accelerated compensation expense related to LTIPs for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. We recorded $0.2 million and $0.4 million of compensation expense related to LTIP unit awards for the three and six months ended June 30, 2023, respectively.

Nonemployee director awards

The Company issues each nonemployee director either (i) fully vested, unrestricted shares of common stock or (ii) Deferred Stock Units (as defined in the 2024 Plan) granting a number of immediately vested but deferred stock units (together, the “nonemployee director awards”). We measure compensation expense for the nonemployee director awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized in the period the nonemployee director awards are granted and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income.

During the three and six months ended June 30, 2024, we granted a total of 88,305 nonemployee director awards at a grant date fair value of $8.72. We recorded $0.8 million of compensation expense related to nonemployee director awards for the three and six months ended June 30, 2024. We recorded $0.7 million of compensation expense related to nonemployee director awards for the three and six months ended June 30, 2023.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Property and equipment, net	$ 2,734,626	$ 2,755,195
Right-of-use assets	96,823	97,692
Restricted cash	45,205	45,576
Due from hotel managers	171,793	144,689
Prepaid and other assets	74,986	73,940
Cash and cash equivalents	125,219	121,595
Total assets	3,248,652	3,238,687
Liabilities:
Debt, net of unamortized debt issuance costs	1,172,479	1,177,005
Lease liabilities	113,779	112,866
Due to hotel managers	131,683	116,522
Deferred rent	71,554	69,209
Unfavorable contract liabilities, net	59,037	59,866
Accounts payable and accrued expenses	36,887	39,563
Distributions declared and unpaid	6,067	6,324
Deferred income related to key money, net	8,134	8,349
Total liabilities	1,599,620	1,589,704
Equity:
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at June 30, 2024 and December 31, 2023	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 207,918,179 and 209,627,197 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	2,079	2,096
Additional paid-in capital	2,274,223	2,291,297
Accumulated other comprehensive loss	(2,077)	(2,036)
Distributions in excess of earnings	(633,919)	(649,330)
Total stockholders’ equity	1,640,354	1,642,075
Noncontrolling interests	8,678	6,908
Total equity	1,649,032	1,648,983
Total liabilities and equity	$ 3,248,652	$ 3,238,687

Derivatives

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (in thousands):


									Fair Value of Assets
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		June 30, 2024		December 31, 2023
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	216		1,660
Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	216		1,658
Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	1,958		554
Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	1,537		449
									$	3,927	$	4,321

______________________

(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 2024, 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 related to derivative financial instruments (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2024		2023		2024		2023
Loss (gain) recognized in other comprehensive income	Unrealized loss (gain) on interest rate derivative instruments	$	1,355	$	(3,467)	$	394	$	(3,383)
Interest (income) for derivatives that were designated as cash flow hedges	Interest expense	$	(2,351)	$	(2,395)	$	(4,708)	$	(2,542)
Interest (income) expense for derivatives that were not designated as cash flow hedges	Interest expense	$	—	$	—	$	—	$	469

During the next twelve months, the Company estimates that $2.3 million will be reclassified from other comprehensive income as a decrease to interest expense.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with U.S. GAAP; however, we believe the disclosures made are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. 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.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30, 2024		December 31, 2023
Land	$	590,824	$	590,824
Land improvements	7,994		7,994
Buildings and site improvements	2,899,209		2,878,508
Furniture, fixtures and equipment	570,551		561,484
Construction in progress	26,561		21,175
	4,095,139		4,059,985
Less: accumulated depreciation	(1,360,513)		(1,304,790)
	$	2,734,626	$	2,755,195

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 24,631	$ 8,358	$ 39,134	$ 9,188	$ 32,989	$ 48,322
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,873		27,840		56,186	55,312
Corporate asset depreciation as corporate expenses					67	99
Non-cash lease expense and other amortization					3,073	3,087
Non-cash interest rate swap fair value adjustment					0	2,033
Amortization of debt issuance costs					1,026	1,026
Impairment losses					0	941
Amortization of deferred income related to key money					(215)	(215)
Share-based compensation					9,862	4,727
Changes in assets and liabilities:
Prepaid expenses and other assets					(2,266)	(5,940)
Due to/from hotel managers					(11,942)	8,540
Accounts payable and accrued expenses					(1,827)	(3,508)
Net cash provided by operating activities					86,953	114,424
Cash flows from investing activities:
Capital expenditures					(35,778)	(47,928)
Acquisition of interest in land					0	(1,829)
Purchase deposits					0	(1,500)
Net cash used in investing activities					(35,778)	(51,257)
Cash flows from financing activities:
Scheduled mortgage debt principal payments					(4,905)	(4,744)
Distributions on common stock and units					(12,861)	(19,156)
Distributions on preferred stock					(4,908)	(4,908)
Repurchase of common stock					(20,610)	(2,423)
Shares redeemed to satisfy tax withholdings on vested share-based compensation					(4,638)	(3,023)
Net cash used in financing activities					(47,922)	(34,254)
Net increase in cash, cash equivalents, and restricted cash					3,253	28,913
Cash, cash equivalents, and restricted cash at beginning of period		$ 167,171		$ 107,178	167,171	107,178	$ 107,178
Cash, cash equivalents, and restricted cash at end of period	170,424		136,091		170,424	136,091	167,171
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest					31,605	29,314
Cash paid for income taxes, net					2,351	1,833
Non-cash investing and financing activities:
Unpaid dividends and distributions declared					6,067	6,437
Accrued capital expenditures					4,043	6,153	4,700
Cash and cash equivalents	125,219				125,219		121,595
Restricted cash	45,205				45,205		45,576
Total cash, cash equivalents and restricted cash	$ 170,424		$ 136,091		$ 170,424	$ 136,091	$ 167,171

Debt - Mortgage Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of hotels	36
Mortgages
Debt Instrument [Line Items]
Number of hotels	4
Mortgages \| Courtyard New York Manhattan/Midtown East mortgage loan
Debt Instrument [Line Items]
Principal balance \| $	$ 73,416	$ 74,346

- 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

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with U.S. GAAP; however, we believe the disclosures made are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties.
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 (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 1,172,479	$ 1,177,005
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	1,172,479	1,177,005
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,167,671	$ 1,167,638

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 470
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-Topic 470
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-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

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

+ References + Details

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Assets	$ 3,927	$ 4,321
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	$ 216	1,660
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	$ 216	1,658
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	$ 1,958	554
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	$ 1,537	$ 449

Debt - Schedule of Debt Covenants (Details) - Senior Unsecured Credit Facility And Unsecured Term Loans	6 Months Ended
	Jun. 30, 2024
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	60.00%
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45.00%
Maximum unencumbered leverage ratio	60.00%
Minimum unencumbered implied debt service coverage ratio	1.20
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	29.00%
Minimum fixed charge coverage ratio	2.92
Secured recourse indebtedness	11.30%
Maximum unencumbered leverage ratio	30.40%
Minimum unencumbered implied debt service coverage ratio	2.49