0001298946-25-000015 | 10-K | XBRL Viewer | Diamondrock Hospitality Co

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Equity Incentive Plan - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / 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%
Total Stockholder Return PSUs (in dollars per share)	$ 8.03	$ 9.22	$ 9.65	$ 9.84	$ 9.28
Hotel Market Share PSUs (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

Hotel Acquisitions (Details) $ in Millions	Nov. 12, 2024 USD ($) room	Oct. 25, 2023 USD ($)	Aug. 01, 2023 USD ($) room
Pray, Montana \| Chico Hot Springs Resort & Day Spa
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room			117
Payments to acquire productive assets			$ 31.9
Pray, Montana \| Chico Day Spa
Business Acquisition [Line Items]
Payments to acquire productive assets		$ 0.8
Minneapolis, Minnesota \| AC Hotel Minneapolis Downtown
Business Acquisition [Line Items]
Number of hotel rooms acquired \| room	245
Payments to acquire productive assets	$ 30.5

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 19, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accrued capital expenditures		$ 5,438	$ 4,667	$ 8,007
Impairment losses		34,169	941	$ 2,843
Construction in progress
Property, Plant and Equipment [Line Items]
Impairment losses		1,600	$ 900
Westin Washington DC, City Center Hotel
Property, Plant and Equipment [Line Items]
Impairment losses		32,600
Non refundable deposit		$ 2,700
Westin Washington DC, City Center Hotel \| Subsequent Event
Property, Plant and Equipment [Line Items]
Proceeds from sale of building	$ 92,000

Hotel Acquisitions	12 Months Ended
Hotel Acquisitions	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Hotel Acquisitions	Hotel Acquisitions Acquisitions 2023 Acquisition On August 1, 2023, we acquired the 117-room Chico Hot Springs Resort and an adjacent ranch located in Pray, Montana for $31.9 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On October 25, 2023, we acquired the Chico Day Spa adjacent to the hotel for $0.8 million, including prorations and transaction costs. 2024 Acquisition On November 12, 2024, we acquired the 245-room the AC Hotel Minneapolis Downtown located in Minneapolis, Minnesota for $30.5 million, including prorations and transaction costs. The acquisition was funded with corporate cash.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Property and equipment, net	$ 2,631,221	$ 2,755,195
Assets held for sale	93,400	0
Right-of-use assets	89,931	97,692
Restricted cash	47,408	45,576
Due from hotel managers	145,947	144,689
Prepaid and other assets	82,963	73,940
Cash and cash equivalents	81,381	121,595
Total assets	3,172,251	3,238,687
Liabilities:
Debt, net of unamortized debt issuance costs	1,095,294	1,177,005
Lease liabilities	85,235	112,866
Due to hotel managers	121,734	116,522
Liabilities of assets held for sale	3,352	0
Deferred rent	73,535	69,209
Unfavorable contract liabilities, net	58,208	59,866
Accounts payable and accrued expenses	79,201	39,563
Distributions declared and unpaid	49,034	6,324
Deferred income related to key money, net	7,726	8,349
Total liabilities	1,573,319	1,589,704
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at December 31, 2023 and 2022	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 207,592,210 and 209,627,197 shares issued and outstanding at December 31, 2024 and 2023, respectively	2,076	2,096
Additional paid-in capital	2,268,521	2,291,297
Accumulated other comprehensive loss	(1,360)	(2,036)
Distributions in excess of earnings	(679,050)	(649,330)
Total stockholders' equity	1,590,235	1,642,075
Noncontrolling interests	8,697	6,908
Total equity	1,598,932	1,648,983
Total liabilities and equity	$ 3,172,251	$ 3,238,687

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Distributions per common share (in dollars per share)	$ 0.32	$ 0.12	$ 0.09
Distributions per preferred share (in dollars per share)	$ 2.0625	$ 2.0625	$ 2.0625

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	As of December 31,
	2024		2023
Land	$	570,386	$	590,824
Land improvements	2,400		7,994
Buildings	2,812,461		2,878,508
Furniture, fixtures and equipment	200,415		561,484
Construction in progress	24,969		21,175
	3,610,631		4,059,985
Less: accumulated depreciation	(979,410)		(1,304,790)
	$	2,631,221	$	2,755,195

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 9,900
Less: Valuation allowance	(9,800)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1,398	$ 2,585
Deferred income	1,952	2,049
Other	440	407
Depreciation and amortization	(570)	(2,074)
Less: Valuation allowance	(1,653)	(1,766)
Deferred tax assets, net	1,567	1,201
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,525	8,921
Deferred income	528	553
Alternative minimum tax credit carryforwards	231	231
Other	130	120
Depreciation and amortization	(154)	(559)
Less: Valuation allowance	(8,164)	(8,253)
Deferred tax assets, net	$ 1,096	$ 1,013

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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

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

The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
	2024		2023		2022
Common Stock
Ordinary non-qualified income	$	0.320000	$	0.120000	$	0.044543
Qualified dividends	—		—		0.045457


	$	0.320000	$	0.120000	$	0.090000
Series A Preferred Stock
Ordinary non-qualified income	$	2.062500	$	2.062500	$	1.020772
Qualified dividends	—		—		1.041728


	$	2.062500	$	2.062500	$	2.062500

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


	Year Ended December 31,
	2024		2023		2022
Current - Federal	$	279	$	(84)	$	901
State	1,711		1,376		2,487

Total current	1,990		1,292		3,388
Deferred - Federal	(253)		492		1,090
State	6		(486)		2,044

Change in valuation allowance	(202)		(981)		(3,915)
Total deferred	(449)		(975)		(781)
Income tax provision	$	1,541	$	317	$	2,607

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


	Year Ended December 31,
	2024		2023		2022
Statutory federal tax provision	$	10,521	$	18,226	$	23,620
Tax impact of REIT election	(10,194)		(17,281)		(21,110)
State income tax provision, net of federal tax benefit	1,717		890		4,531



Change in valuation allowance	(202)		(981)		(3,915)
Permanent differences	(316)		(349)		(495)
Other	15		(188)		(24)
Income tax provision	$	1,541	$	317	$	2,607

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


	2024		2023
Federal
Net operating loss carryforwards	$	1,398	$	2,585
Deferred income	1,952		2,049

Other	440		407
Depreciation and amortization	(570)		(2,074)
Less: Valuation allowance	(1,653)		(1,766)
Federal - Deferred tax assets, net	$	1,567	$	1,201

State
Net operating loss carryforwards	$	8,525	$	8,921
Deferred income	528		553
Alternative minimum tax credit carryforwards	231		231
Other	130		120
Depreciation and amortization	(154)		(559)
Less: Valuation allowance	(8,164)		(8,253)
State - Deferred tax assets, net	$	1,096	$	1,013

As of December 31, 2024, we had deferred tax assets of $9.9 million consisting of federal and state net operating loss carryforwards. The state loss carryforwards generally expire in 2032 through 2041 if not utilized by then; however, for certain states some loss carryforwards do not expire. The federal loss carryforwards do not expire.

We analyze our deferred tax assets for each jurisdiction and record a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets. As of December 31, 2024, we have a valuation allowance of $9.8 million on our deferred tax assets, which represents the amount of deferred tax assets that we believe is more likely than not to be realized. Our assessment included, among other considerations, the future reversals of existing taxable temporary differences and future taxable income that can be reasonably projected.

- Definition

The entire disclosure for income tax.

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+ Details

Fair Value Measurements - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	$ 1,095,294	$ 1,177,005
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	1,095,294	1,177,005
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,092,443	$ 1,167,638

- Definition

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

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated upon consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at their relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price, we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 15 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations and comprehensive income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less.
Revenue Recognition	Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are recognized as revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Income Taxes	Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries. We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We may recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more likely than not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations and comprehensive income. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitations. We had no uncertain tax positions as of December 31, 2024 and 2023.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period.
Share-Based Payments	Share-Based Payments The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three to five years from the date of grant. Vested restricted stock awards are settled for the Company's common stock. The grant date fair value per share is equal to the closing stock price on the date of grant. Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable, no compensation expense for these awards is recognized.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes in connection with our variable rate debt. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. On the date the derivative contract is entered into, or at a later point in time, we may designate the derivative as a hedging instrument, and, if so, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. Changes in the fair value of a derivative that was determined to be an effective cash flow hedge are reported in other comprehensive income (loss) and are reclassified to interest expense in the same period during which the hedged transaction affects earnings. If we do not specifically designate the derivative as a cash flow hedge, changes in the fair value of the undesignated derivative instrument are reported in current period earnings.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 9 for additional details. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements.
Debt Issuance Costs	Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. Debt issuance costs related to our senior unsecured credit facility are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the credit facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. If a refinancing of our debt is considered an extinguishment, unamortized debt issuance costs are included in the gain or loss on extinguishment. All fees paid to or received from creditors are included in the gain or loss on extinguishment. Fees paid to third parties are capitalized as debt issuance costs. If a refinancing of our debt is considered a modification, the net debt issuance costs at the time of modification are amortized over the remaining life of the modified debt.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel-level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. Operating lease assets are included in right-of-use assets and operating lease liabilities are included in lease liabilities within the consolidated balance sheets. Finance lease assets are included in prepaid and other assets and finance lease liabilities are included in accounts payable and accrued expenses within the consolidated balance sheets. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis. The components of operating lease expense are included in other property-level expenses in our consolidated statements of operations and comprehensive income. Costs related to the finance lease are included in interest expense and other property-level expenses within the consolidated statements of operations and comprehensive income.
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. We have concentration risk related to one of our hotel properties. As of and for the year ended December 31, 2024, Chicago Marriott represented 11% of total revenues and total assets, and 10% of income before taxes.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. All of our hotel operating segments meet the aggregation criteria established by U.S. GAAP for segment reporting, and as a result, the hotels have been aggregated into a single operating and reportable segment, hotel ownership.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. We adopted ASU 2023-07 during the year ended December 31, 2024. See Note 14 for the additional disclosures related to this adoption. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2024-03. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09.

Relationships with Managers and Franchisors - Franchise Fees (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Capitalized Contract Cost [Line Items]
Number of franchised hotels \| hotel	20
Franchise fees
Capitalized Contract Cost [Line Items]
Franchise fees	$ 39,755	$ 35,769	$ 32,714
Amortization of deferred income related to key money	(31)	(31)	(31)
Total management fees, net	39,724	35,738	32,683
Rooms
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 186,131	176,765	163,062
Rooms \| Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	7.00%
Rooms \| Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3.50%
Food and beverage
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 193,331	$ 180,546	$ 163,622
Food and beverage \| Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3.00%
Food and beverage \| Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	2.00%

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to common stockholders	$ 38,230	$ 76,523	$ 99,511
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	210,286,342	211,518,826	212,423,873
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	211,240,170	212,304,117	213,188,987
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.18	$ 0.36	$ 0.47
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.18	$ 0.36	$ 0.47
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	152,158	340,981	323,435
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	801,670	444,310	441,679

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal balance	$ 1,095,808
Total debt	1,095,808	$ 1,178,189
Debt, net of unamortized debt issuance costs	$ 1,095,294	1,177,005
Weighted-average interest rate (as a percent)	5.21%
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (514)	(1,184)
Unsecured Term Loan \| Unsecured Term Loan Due January 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 500,000	500,000
Unsecured Term Loan \| Unsecured Term Loan Due January 2028 \| Interest Rate Swap
Debt Instrument [Line Items]
Interest rate	5.38%
Unsecured Term Loan \| Unsecured Term Loan due January 2026
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 300,000	300,000
Interest rate	5.79%
Line of Credit \| Revolving Credit Facility
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	$ 0	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	$ 71,766	73,727
Hotel Clio mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.33%
Principal balance	$ 54,657	56,091
Westin Boston Seaport District \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.36%
Principal balance	$ 169,385	$ 174,025

Equity Incentive Plan - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Units
Beginning balance (in shares)	314,137	98,050	135,388
Granted (in shares)	97,477	257,270	71,084
Vested (in shares)	(271,487)	(41,183)	(108,422)
Ending balance (in shares)	140,127	314,137	98,050
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.01	$ 9.39	$ 10.22
Granted (in dollars per share)	8.72	8.94	9.32
Vested (in dollars per share)	8.94	9.49	10.38
Ending balance (in dollars per share)	$ 9.85	$ 9.01	$ 9.39

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 3,073
2026	3,571
2027	3,534
2028	3,604
2029	3,678
Thereafter	593,357
Total lease payments	610,817
Less imputed interest	(525,582)
Total lease liabilities	85,235	$ 112,866
Finance Lease
2025	1,133
2026	1,133
2027	1,204
2028	1,416
2029	1,416
Thereafter	404,379
Total lease payments	410,681
Less imputed interest	(379,049)
Total lease liabilities	$ 31,632	$ 0

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value of Assets	$ 4,674	$ 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	$ 0	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	$ 0	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	$ 1,328	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	$ 747	449
Unsecured Term Loan Due January 2028 - 1 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.27%
Notional Amount	$ 37,500
Fair Value of Assets	$ 757	0
Unsecured Term Loan Due January 2028 - 2 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.27%
Notional Amount	$ 37,500
Fair Value of Assets	$ 758	0
Unsecured Term Loan Due January 2027 - 1 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.07%
Notional Amount	$ 25,000
Fair Value of Assets	$ 456	0
Unsecured Term Loan due January 2026 \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.25%
Notional Amount	$ 75,000
Fair Value of Assets	$ 628	$ 0

Leases - Operating And Finance Leases Included In The Consolidated Statements Of Operations And Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 10,889	$ 11,106	$ 11,255
Amortization of lease assets	14	0	0
Interest on lease liabilities	122	0	0
Total lease costs	$ 11,025	$ 11,106	$ 11,255

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated upon consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Property and equipment are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at their relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price, we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 15 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations and comprehensive income. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are recognized as revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries. We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We may recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more likely than not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations and comprehensive income. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitations. We had no uncertain tax positions as of December 31, 2024 and 2023. Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-Based Payments The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three to five years from the date of grant. Vested restricted stock awards are settled for the Company's common stock. The grant date fair value per share is equal to the closing stock price on the date of grant. Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable, no compensation expense for these awards is recognized. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes in connection with our variable rate debt. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. On the date the derivative contract is entered into, or at a later point in time, we may designate the derivative as a hedging instrument, and, if so, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. Changes in the fair value of a derivative that was determined to be an effective cash flow hedge are reported in other comprehensive income (loss) and are reclassified to interest expense in the same period during which the hedged transaction affects earnings. If we do not specifically designate the derivative as a cash flow hedge, changes in the fair value of the undesignated derivative instrument are reported in current period earnings. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 9 for additional details. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of debt issuance costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. Debt issuance costs related to our senior unsecured credit facility are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the credit facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations and comprehensive income. If a refinancing of our debt is considered an extinguishment, unamortized debt issuance costs are included in the gain or loss on extinguishment. All fees paid to or received from creditors are included in the gain or loss on extinguishment. Fees paid to third parties are capitalized as debt issuance costs. If a refinancing of our debt is considered a modification, the net debt issuance costs at the time of modification are amortized over the remaining life of the modified debt. Due to/from Hotel Managers The due from hotel managers consists of hotel-level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. Operating lease assets are included in right-of-use assets and operating lease liabilities are included in lease liabilities within the consolidated balance sheets. Finance lease assets are included in prepaid and other assets and finance lease liabilities are included in accounts payable and accrued expenses within the consolidated balance sheets. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis. The components of operating lease expense are included in other property-level expenses in our consolidated statements of operations and comprehensive income. Costs related to the finance lease are included in interest expense and other property-level expenses within the consolidated statements of operations and comprehensive income. Concentration of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. We have concentration risk related to one of our hotel properties. As of and for the year ended December 31, 2024, Chicago Marriott represented 11% of total revenues and total assets, and 10% of income before taxes. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. All of our hotel operating segments meet the aggregation criteria established by U.S. GAAP for segment reporting, and as a result, the hotels have been aggregated into a single operating and reportable segment, hotel ownership. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. We adopted ASU 2023-07 during the year ended December 31, 2024. See Note 14 for the additional disclosures related to this adoption. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2024-03. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09.

Leases - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended	12 Months Ended
Leases - Ground Leases Annual Rent (Details) - USD ($)	Jan. 31, 2031	Dec. 31, 2024
Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent		5.50%
Courtyard New York Manhattan/Fifth Avenue \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		5.00%
Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term		30 years
Westin Boston Seaport District mortgage loan \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		2.50%
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent		2.50%
Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Percentage rent		$ 30,000,000
Participation rent		42,000,000
Through 4/2087 \| Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,077,381
10/2017 - 9/2027 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,132,812
10/2027 - 9/2037 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,416,015
10/2037 - 9/2047 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,770,019
10/2047 - 9/2057 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		2,212,524
10/2057 - 9/2067 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		2,765,655
10/2067 - 9/2077 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		3,457,069
10/2077 - 9/2087 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		4,321,336
10/2087 - 9/2097 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		5,401,670
10/2097 - 9/2107 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		6,752,088
10/2107 - 9/2117 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		8,440,110
10/2117 - 9/2121 \| Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent		10,550,138
Through 12/2106 \| Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 132,000
Annual rent expense (as a percentage of gross room sales)		2.60%
1/2018 - 12/2056 \| Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 15,203
Annual increase in rent		2.00%
1/2021 - 12/2025 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 1,000,000
1/2026 - 12/2030 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,500,000
1/2026 - 12/2030 \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual rent		60,000
1/2031 - 12/2035 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent		1,750,000
1/2036 - 5/2099 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 0
6/2016 - 5/2026 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		1.00%
6/2026 - 5/2036 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		1.50%
6/2036 - 5/2046 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		2.75%
6/2046 - 5/2056 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		3.00%
6/2056 - 5/2066 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		3.25%
6/2066 - 5/2099 \| Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		3.50%
1/2021 - 12/2025 \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 55,000
7/2018 - 12/2070 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent		150,993
4/2022 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		37,253
1/2022 - 6/2033 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		312,000
7/2033 - 6/2043 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		234,000
7/2043 - 6/2053 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		156,000
7/2053 - 6/2063 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		78,000
7/2063 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent		0
1/2019 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 140,531
Rent increase (in years)		5 years
Average adjusted gross revenues, period		3 years
Adjusted gross revenues, multiplying percentage		75.00%
1/2024 - 12/2028 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		3.00%
1/2029 - 12/2033 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		4.00%
1/2034 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		5.00%
Through 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)		10.00%
Through 7/2069 \| Bourbon Orleans Hotel parking sublease
Schedule of Ground Leased Assets [Line Items]
Annual rent		$ 36,000
Rent increase (in years)		5 years
Annual rent increases		$ 6,000
Forecast \| Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Rent increase (in years)	1 year

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

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


	Years Ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to common stockholders	$	38,230	$	76,523	$	99,511


Denominator:
Weighted-average number of common shares outstanding—basic	210,286,342		211,518,826		212,423,873
Effect of dilutive securities:
Unvested restricted common stock	152,158		340,981		323,435
Shares related to unvested PSUs	801,670		444,310		441,679

Weighted-average number of common shares outstanding—diluted	211,240,170		212,304,117		213,188,987
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.18	$	0.36	$	0.47
Earnings per share available to common stockholders—diluted	$	0.18	$	0.36	$	0.47

There were no unvested restricted common shares or PSUs excluded from the diluted weighted-average common shares outstanding for the year ended December 31, 2024, 2023, and 2022.

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

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in excess of earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			4,760,000	210,746,895
Beginning balance at Dec. 31, 2021	$ 1,520,964	$ 1,515,214	$ 48	$ 2,107	$ 2,293,990	$ 0	$ (780,931)	$ 5,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	109,705	109,328					109,328	377
Unrealized gain on Rabbi trust assets	0
Distributions on common stock/units	(19,348)	(19,274)					(19,274)	(74)
Distributions on preferred stock	(9,817)	(9,817)					(9,817)
Share-based compensation (in shares)				252,259
Share-based compensation	7,789	7,331		$ 3	7,328			458
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(83,139)
Shares redeemed to satisfy withholdings on vested share based compensation	(828)	(828)		$ (1)	(827)
Redemption of OP units (in shares)				28,502
Redemption of common OP units	0	214			214			(214)
Common stock repurchased and retired (in shares)				(1,569,687)
Common stock repurchased and retired	(12,287)	(12,287)		$ (15)	(12,272)
Ending balance (in shares) at Dec. 31, 2022			4,760,000	209,374,830
Ending balance at Dec. 31, 2022	1,596,178	1,589,881	$ 48	$ 2,094	2,288,433	0	(700,694)	6,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	86,635	86,340					86,340	295
Unrealized gain on interest rate derivative instruments	(2,634)	(2,625)				(2,625)		(9)
Unrealized gain on Rabbi trust assets	591	589				589		2
Distributions on common stock/units	(25,286)	(25,159)			0		(25,159)	(127)
Distributions on preferred stock	(9,817)	(9,817)					(9,817)
Share-based compensation (in shares)				867,041
Share-based compensation	8,771	7,955		$ 9	7,946			816
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(333,779)
Shares redeemed to satisfy withholdings on vested share based compensation	(3,032)	(3,032)		$ (3)	(3,029)
Redemption of OP units (in shares)				37,559
Redemption of common OP units	0	366		$ 1	365			(366)
Common stock repurchased and retired (in shares)				(318,454)
Common stock repurchased and retired	(2,423)	(2,423)		$ (5)	(2,418)
Ending balance (in shares) at Dec. 31, 2023			4,760,000	209,627,197
Ending balance at Dec. 31, 2023	1,648,983	1,642,075	$ 48	$ 2,096	2,291,297	(2,036)	(649,330)	6,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	48,250	48,047					48,047	203
Unrealized gain on interest rate derivative instruments	353	351				351		2
Unrealized gain on Rabbi trust assets	326	325				325		1
Distributions on common stock/units	(68,311)	(67,950)					(67,950)	(361)
Distributions on preferred stock	(9,817)	(9,817)					(9,817)
Share-based compensation (in shares)				1,854,348
Share-based compensation	12,019	10,075		$ 18	10,057			1,944
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(774,459)
Shares redeemed to satisfy withholdings on vested share based compensation	(6,878)	(6,878)		$ (7)	(6,871)
Redemption of common OP units					0
Common stock repurchased and retired (in shares)				(3,114,876)
Common stock repurchased and retired	(25,993)	(25,993)		$ (31)	(25,962)
Ending balance (in shares) at Dec. 31, 2024			4,760,000	207,592,210
Ending balance at Dec. 31, 2024	$ 1,598,932	$ 1,590,235	$ 48	$ 2,076	$ 2,268,521	$ (1,360)	$ (679,050)	$ 8,697

Segment Reporting - Narrative (Details) $ in Thousands	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments \| segment	1
Total capital expenditures related to our hotel ownership	$ 81,588	$ 86,314	$ 67,657
Other
Revenue, Major Customer [Line Items]
Total capital expenditures related to our hotel ownership	$ 81,600	$ 86,300	$ 67,700

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 19, 2025, we sold the Westin Washington D.C. City Center to an unaffiliated third party for $92.0 million.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 1,129,883	$ 1,074,867	$ 1,001,503
Operating expenses:
Depreciation and amortization	113,588	111,302	108,849
Impairment losses	34,169	941	2,843
Corporate expenses	52,911	32,048	31,790
Business interruption insurance income	0	(647)	(499)
Total operating expenses, net	1,018,913	925,404	839,738
Interest expense	65,516	65,072	38,283
Interest (income) and other (income) expense, net	(4,337)	(2,561)	1,404
Loss on early extinguishment of debt	0	0	9,766
Total other expenses, net	61,179	62,511	49,453
Income before income taxes	49,791	86,952	112,312
Income tax expense	(1,541)	(317)	(2,607)
Net income	48,250	86,635	109,705
Less: Net income attributable to noncontrolling interests	(203)	(295)	(377)
Net income attributable to the Company	48,047	86,340	109,328
Distributions to preferred stockholders	(9,817)	(9,817)	(9,817)
Net income attributable to common stockholders	$ 38,230	$ 76,523	$ 99,511
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.18	$ 0.36	$ 0.47
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.18	$ 0.36	$ 0.47
Weighted-average number of common shares outstanding:
Basic (in shares)	210,286,342	211,518,826	212,423,873
Diluted (in shares)	211,240,170	212,304,117	213,188,987
Comprehensive income:
Net (loss) income	$ 48,250	$ 86,635	$ 109,705
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments	353	(2,634)	0
Unrealized gain on Rabbi trust assets	326	591	0
Comprehensive income	48,929	84,592	109,705
Comprehensive income attributable to noncontrolling interests	(209)	(288)	(377)
Comprehensive income attributable to the Company	48,720	84,304	109,328
Rooms
Revenues:
Total revenues	742,626	717,447	681,269
Operating expenses:
Operating expenses	186,131	176,765	163,062
Food and beverage
Revenues:
Total revenues	281,682	259,757	238,234
Operating expenses:
Operating expenses	193,331	180,546	163,622
Other
Revenues:
Total revenues	105,575	97,663	82,000
Operating expenses:
Operating expenses	268,563	261,536	233,691
Management fees
Operating expenses:
Operating expenses	27,149	24,998	23,439
Franchise fees
Operating expenses:
Operating expenses	39,724	35,738	32,683
Other property-level expenses
Operating expenses:
Operating expenses	$ 103,347	$ 102,177	$ 80,258

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Seven of our hotel ground leases and one parking lot area are classified as operating leases, for which we have recorded right-of-use assets and lease liabilities. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. The components of operating lease expense are included in other property-level expenses in our consolidated statements of operations and comprehensive income.

In October 2024, we executed an extension of the ground lease underlying the Courtyard New York Manhattan/Fifth Avenue to add a second renewal option for an additional 36 years. Based on the modification of the lease terms, the ground lease is now classified as a finance lease. We remeasured the right-of-use asset and lease liability based on the present value of the future lease payments over the updated lease term. Costs related to the finance lease are included in interest expense and other property-level expenses within the consolidated statements of operations and comprehensive income.

The following table sets forth the lease-related assets and liabilities in our consolidated balance sheet as of December 31, 2024 and 2023 (in thousands):


	Location in Consolidated Balance Sheets	Year Ended December 31,
		2024			2023
Assets
Operating lease assets, net	Right-of-use assets	$	89,931		$	97,692
Finance lease assets, net	Prepaid and other assets	8,179			—
Total lease assets		$	98,110		$	97,692

Liabilities
Operating lease liabilities	Lease liabilities	$	85,235		$	112,866
Finance lease liabilities	Accounts payable and accrued expenses	31,632			—
Total lease liabilities		$	116,867		$	112,866

Weighted-average remaining lease term
Operating leases		63 years
Finance leases		97 years

Weighted-average discount rate
Operating leases		5.77		%
Finance leases		5.91		%

The following table sets forth the lease costs related to the operating and finance leases included in the consolidated statements of operations and comprehensive income for the year ended December 31, 2024, 2023, and 2022 (in thousands):


	Location in Statements of Operations and Comprehensive Income	Year Ended December 31,
		2024		2023		2022
Operating lease cost	Other property-level expenses	$	10,889	$	11,106	11,255
Finance lease costs:
Amortization of lease assets	Other property-level expenses	14		—		—
Interest on lease liabilities	Interest expense	122		—		—
Total lease costs		$	11,025	$	11,106	$	11,255

The following table sets forth supplemental cash flow information related to the operating and finance leases (in thousands):


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,950	$	3,995
Variable lease payments	$	1,972	$	1,687
Cash paid for amounts included in the measurement of finance lease liabilities	$	189	$	—

Future minimum lease payments included in the consolidated balance sheets are as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Lease
2025	$	3,073	$	1,133
2026	3,571		1,133
2027	3,534		1,204
2028	3,604		1,416
2029	3,678		1,416
Thereafter	593,357		404,379
Total lease payments	610,817		410,681
Less imputed interest	(525,582)		(379,049)
Total lease liabilities	$	85,235	$	31,632

Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2024:

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

•The Courtyard New York Manhattan/Fifth Avenue is subject to a ground lease that runs until 2121, inclusive of two renewal options for 49 and 36 years, respectively. Our ability to exercise the second renewal option is contingent on the Company spending no less than $7.0 million on capital improvements by the end of 2026 (the “Capital Improvement Plan”). Assuming that we meet the Capital Improvement Plan and exercise all renewal options, the ground lease would expire in October 2121.

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

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

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

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

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

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

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

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

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

Property

Term (1)

Annual Rent

Embassy Suites by Hilton Bethesda

Through 4/2087

$1,077,381 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

10/2017 - 9/2027

$1,132,812

10/2027 - 9/2037

$1,416,015

10/2037 - 9/2047

$1,770,019

10/2047 - 9/2057

$2,212,524

10/2057 - 9/2067

$2,765,655

10/2067 - 9/2077

$3,457,069

10/2077 - 9/2087

$4,321,336

10/2087 - 9/2097

$5,401,670

10/2097 - 9/2107

$6,752,088

10/2107 - 9/2117

$8,440,110

10/2117 - 9/2121

$10,550,138

Salt Lake City Marriott (Ground lease for hotel)

Through 12/2106

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

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$15,203 (4)

Westin Boston Seaport District (5) (Base rent)

1/2021 - 12/2025

$1,000,000

1/2026 - 12/2030

$1,500,000

1/2031 - 12/2035

$1,750,000

1/2036 - 5/2099

No base rent

Westin Boston Seaport District (Percentage rent)

6/2016 - 5/2026

1.0% of annual gross revenue

6/2026 - 5/2036

1.5% of annual gross revenue

6/2036 - 5/2046

2.75% of annual gross revenue

6/2046 - 5/2056

3.0% of annual gross revenue

6/2056 - 5/2066

3.25% of annual gross revenue

6/2066 - 5/2099

3.5% of annual gross revenue

Hotel Clio

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$150,993 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$37,253 (8)

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

1/2022 - 6/2033

$312,000

7/2033 - 6/2043

$234,000

7/2043 - 6/2053

$156,000

7/2053 - 6/2063

$78,000

7/2063 - 3/2085

$—

Cavallo Point (Base Rent)

1/2019 - 12/2066

$140,531 (10)

Cavallo Point (11) (Percentage Rent)

1/2024 - 12/2028

3.0% of adjusted gross revenue over threshold

1/2029 - 12/2033

4.0% of adjusted gross revenue over threshold

1/2034 - 12/2066

5.0% of adjusted gross revenue over threshold

Cavallo Point (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

__________


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

(2)			Represents rent for the year ended December 31, 2024. Rent increases annually by 5.5%.

(3)			The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the years ended December 31, 2024 and 2023.

(4)			Represents rent for the year ended December 31, 2024. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

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

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

(7)			Represents rent for the year ended December 31, 2024. Rent increases annually in June based on a Consumer Price Index calculation.

(8)			Represents rent for the year ended March 31, 2024. Rent increases annually each April by 2.5%.


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

(10)			Represents rent for the year ending December 31, 2024. Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2029.

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

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

(13)			Represents rent for the year ending December 31, 2024. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Leases

The following table sets forth the lease-related assets and liabilities in our consolidated balance sheet as of December 31, 2024 and 2023 (in thousands):


	Location in Consolidated Balance Sheets	Year Ended December 31,
		2024			2023
Assets
Operating lease assets, net	Right-of-use assets	$	89,931		$	97,692
Finance lease assets, net	Prepaid and other assets	8,179			—
Total lease assets		$	98,110		$	97,692

Liabilities
Operating lease liabilities	Lease liabilities	$	85,235		$	112,866
Finance lease liabilities	Accounts payable and accrued expenses	31,632			—
Total lease liabilities		$	116,867		$	112,866

Weighted-average remaining lease term
Operating leases		63 years
Finance leases		97 years

Weighted-average discount rate
Operating leases		5.77		%
Finance leases		5.91		%


	Location in Statements of Operations and Comprehensive Income	Year Ended December 31,
		2024		2023		2022
Operating lease cost	Other property-level expenses	$	10,889	$	11,106	11,255
Finance lease costs:
Amortization of lease assets	Other property-level expenses	14		—		—
Interest on lease liabilities	Interest expense	122		—		—
Total lease costs		$	11,025	$	11,106	$	11,255

The following table sets forth supplemental cash flow information related to the operating and finance leases (in thousands):


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,950	$	3,995
Variable lease payments	$	1,972	$	1,687
Cash paid for amounts included in the measurement of finance lease liabilities	$	189	$	—

Future minimum lease payments included in the consolidated balance sheets are as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Lease
2025	$	3,073	$	1,133
2026	3,571		1,133
2027	3,534		1,204
2028	3,604		1,416
2029	3,678		1,416
Thereafter	593,357		404,379
Total lease payments	610,817		410,681
Less imputed interest	(525,582)		(379,049)
Total lease liabilities	$	85,235	$	31,632

Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2024:

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

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

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

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

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

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

Property

Term (1)

Annual Rent

Embassy Suites by Hilton Bethesda

Through 4/2087

$1,077,381 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

10/2017 - 9/2027

$1,132,812

10/2027 - 9/2037

$1,416,015

10/2037 - 9/2047

$1,770,019

10/2047 - 9/2057

$2,212,524

10/2057 - 9/2067

$2,765,655

10/2067 - 9/2077

$3,457,069

10/2077 - 9/2087

$4,321,336

10/2087 - 9/2097

$5,401,670

10/2097 - 9/2107

$6,752,088

10/2107 - 9/2117

$8,440,110

10/2117 - 9/2121

$10,550,138

Salt Lake City Marriott (Ground lease for hotel)

Through 12/2106

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

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$15,203 (4)

Westin Boston Seaport District (5) (Base rent)

1/2021 - 12/2025

$1,000,000

1/2026 - 12/2030

$1,500,000

1/2031 - 12/2035

$1,750,000

1/2036 - 5/2099

No base rent

Westin Boston Seaport District (Percentage rent)

6/2016 - 5/2026

1.0% of annual gross revenue

6/2026 - 5/2036

1.5% of annual gross revenue

6/2036 - 5/2046

2.75% of annual gross revenue

6/2046 - 5/2056

3.0% of annual gross revenue

6/2056 - 5/2066

3.25% of annual gross revenue

6/2066 - 5/2099

3.5% of annual gross revenue

Hotel Clio

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$150,993 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$37,253 (8)

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

1/2022 - 6/2033

$312,000

7/2033 - 6/2043

$234,000

7/2043 - 6/2053

$156,000

7/2053 - 6/2063

$78,000

7/2063 - 3/2085

$—

Cavallo Point (Base Rent)

1/2019 - 12/2066

$140,531 (10)

Cavallo Point (11) (Percentage Rent)

1/2024 - 12/2028

3.0% of adjusted gross revenue over threshold

1/2029 - 12/2033

4.0% of adjusted gross revenue over threshold

1/2034 - 12/2066

5.0% of adjusted gross revenue over threshold

Cavallo Point (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

__________


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

(2)			Represents rent for the year ended December 31, 2024. Rent increases annually by 5.5%.

(3)			The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the years ended December 31, 2024 and 2023.

(4)			Represents rent for the year ended December 31, 2024. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

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

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

(7)			Represents rent for the year ended December 31, 2024. Rent increases annually in June based on a Consumer Price Index calculation.

(8)			Represents rent for the year ended March 31, 2024. Rent increases annually each April by 2.5%.


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

(10)			Represents rent for the year ending December 31, 2024. Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2029.

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

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

(13)			Represents rent for the year ending December 31, 2024. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) ft² hotel room parkingArea renewalTerm ground_lease	Oct. 31, 2024
Lessee, Lease, Description [Line Items]
Number of properties subject to ground leases \| hotel	6
Orchards Inn Sedona
Lessee, Lease, Description [Line Items]
Number of rooms \| room	28
Number of rooms acquired (in rooms) \| room	70
Hilton Bethesda hotel
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Courtyard New York Manhattan/Fifth Avenue
Lessee, Lease, Description [Line Items]
Ground leases renewal option (in years)		36 years
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	49 years
Minimum spending on capital improvements \| $	$ 7
Courtyard Manhattan / Fifth Avenue Two
Lessee, Lease, Description [Line Items]
Ground leases renewal option (in years)	36 years
Marriott Salt Lake City Downtown
Lessee, Lease, Description [Line Items]
Number of properties subject to ground leases \| ground_lease	2
Westin Boston Seaport District mortgage loan
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Hotel Palomar Phoenix \| First Set of Renewal Options
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	5 years
Cavallo Point
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Hotel Clio
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	5 years
Area of real estate property (in square feet) \| ft²	5,500
Incremental renewal option (in years)	1 year
Bourbon Orleans Hotel
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Buildings
Lessee, Lease, Description [Line Items]
Number of operating leases \| hotel	7
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases \| parkingArea	1

Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2024 USD ($)	Dec. 31, 2018 $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Feb. 28, 2025 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2021 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Votes per common share \| vote			1
Repurchase of common stock \| $			$ 25,993	$ 2,423	$ 12,287
Preferred stock, shares authorized (up to) (in shares)			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)			8.25%	8.25%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00
Limited partnership, price per unit (in dollars per share) \| $ / shares		$ 11.76
Option to redeem for common stock ratio		1
Subsequent Event
Class of Stock [Line Items]
Remaining repurchase amount \| $						$ 174,000
Long-Term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares)			140,127	314,137	98,050			135,388
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares)		796,684
Operating partnerships units held (in shares)			994,653	723,166
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) \| $	$ 200,000
Value amount of shares authorized to be repurchased (up to) \| $							$ 200,000
Shares repurchased (in shares)			3,114,876	318,454
Repurchased shares, average price per share (in dollars per share) \| $ / shares			$ 8.33	$ 7.60
Repurchase of common stock \| $			$ 26,000	$ 2,400
Series A Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)			4,760,000	4,760,000
Preferred stock, dividend rate (as a percent)			8.25%	8.25%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 25.00	$ 25.00

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrual for tax uncertainties	$ 0.0	$ 0.0
Revenue Benchmark \| Customer Concentration Risk \| Chicago Marriott
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	11.00%
Income Before Taxes Benchmark \| Customer Concentration Risk \| Chicago Marriott
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	10.00%
Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance period (in years)	3 years
Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholder return (as a percent)	50.00%
Hotel market share (as a percent)	50.00%
Minimum \| Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Minimum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum \| Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	0.00%
Minimum \| Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	15 years
Minimum \| Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	1 year
Minimum \| Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	3 years
Maximum \| Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares \| Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	150.00%
Maximum \| Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	40 years
Maximum \| Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	10 years
Maximum \| Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	5 years

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 27, 2024
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	253,430
Awards expected to vest in 2025 (in shares)	244,845
Awards expected to vest in 2026 (in shares)	114,089
Awards expected to vest in 2027 (in shares)	7,970
Awards expected to vest in 2028 (in shares)	1,261
Unrecognized compensation cost	$ 3.4
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	23 months
Compensation expense	$ 5.1	$ 4.2	$ 4.3
Restricted Stock \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			(0.2)
Accelerated compensation expense	$ 2.0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	332,534
Awards expected to vest in 2025 (in shares)	372,513
Awards expected to vest in 2026 (in shares)	403,527
Unrecognized compensation cost	$ 2.8
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	25 months
Compensation expense	$ 4.2	3.0	2.3
Performance period (in years)	3 years
Percentage of target award of maximum possible payout to executives (as a percent)	150.00%
Performance Shares \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1.8		(0.5)
Total shareholder return (as a percent)	50.00%
Hotel market share (as a percent)	50.00%
Maximum possible payout to executive officer as percentage of the target award (as a percent)	150.00%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	46,709
Awards expected to vest in 2025 (in shares)	46,709
Unrecognized compensation cost	$ 1.0
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	28 months
Compensation expense	$ 2.0	$ 0.8	$ 0.5
Long-Term Incentive Plan Unit \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1.2
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum \| Performance Shares \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares	75.00%
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Percentage of total stockholder return for payout of shares	30.00%
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized (in shares)				7,900,000
Number of shares issued or committed to issue (in shares)	1,076,916

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Property and equipment, gross	$ 3,610,631	$ 4,059,985
Less: accumulated depreciation	(979,410)	(1,304,790)
Property and equipment, net	2,631,221	2,755,195
Land
Property and Equipment
Property and equipment, gross	570,386	590,824
Land improvements
Property and Equipment
Property and equipment, gross	2,400	7,994
Buildings
Property and Equipment
Property and equipment, gross	2,812,461	2,878,508
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	200,415	561,484
Construction in progress
Property and Equipment
Property and equipment, gross	$ 24,969	$ 21,175

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 26, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		208,089,563
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2025 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2024, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DRH Pr A
Security Exchange Name	NYSE

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance, will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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

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


	Years Ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to common stockholders	$	38,230	$	76,523	$	99,511


Denominator:
Weighted-average number of common shares outstanding—basic	210,286,342		211,518,826		212,423,873
Effect of dilutive securities:
Unvested restricted common stock	152,158		340,981		323,435
Shares related to unvested PSUs	801,670		444,310		441,679

Weighted-average number of common shares outstanding—diluted	211,240,170		212,304,117		213,188,987
Earnings per share:
Earnings per share available to common stockholders—basic	$	0.18	$	0.36	$	0.47
Earnings per share available to common stockholders—diluted	$	0.18	$	0.36	$	0.47

Leases - Assets And Liabilities In Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease assets, net	$ 89,931	$ 97,692
Finance lease assets, net	$ 8,179	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets
Total lease assets	$ 98,110	$ 97,692
Lease liabilities	85,235	112,866
Total lease liabilities	$ 31,632	$ 0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Total lease liabilities	$ 116,867	$ 112,866
Weighted-average remaining lease term
Operating leases	63 years
Finance leases	97 years
Weighted-average discount rate
Operating leases	5.77%
Finance leases	5.91%

Debt - Mortgage (Details) $ in Millions		12 Months Ended
Debt - Mortgage (Details) $ in Millions	Aug. 06, 2024 USD ($)	Dec. 31, 2024 hotel loan
Debt Instrument [Line Items]
Number of hotels		37
Mortgages
Debt Instrument [Line Items]
Number of hotels		3
Number of mortgage loans mature in next twelve months \| loan		3
Mortgages \| Courtyard New York Manhattan / Midtown East mortgage loan
Debt Instrument [Line Items]
Repayments of long-term debt \| $	$ 73.3

- 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule Of Lease-Related Assets and Liabilities

The following table sets forth the lease-related assets and liabilities in our consolidated balance sheet as of December 31, 2024 and 2023 (in thousands):


	Location in Consolidated Balance Sheets	Year Ended December 31,
		2024			2023
Assets
Operating lease assets, net	Right-of-use assets	$	89,931		$	97,692
Finance lease assets, net	Prepaid and other assets	8,179			—
Total lease assets		$	98,110		$	97,692

Liabilities
Operating lease liabilities	Lease liabilities	$	85,235		$	112,866
Finance lease liabilities	Accounts payable and accrued expenses	31,632			—
Total lease liabilities		$	116,867		$	112,866

Weighted-average remaining lease term
Operating leases		63 years
Finance leases		97 years

Weighted-average discount rate
Operating leases		5.77		%
Finance leases		5.91		%


	Location in Statements of Operations and Comprehensive Income	Year Ended December 31,
		2024		2023		2022
Operating lease cost	Other property-level expenses	$	10,889	$	11,106	11,255
Finance lease costs:
Amortization of lease assets	Other property-level expenses	14		—		—
Interest on lease liabilities	Interest expense	122		—		—
Total lease costs		$	11,025	$	11,106	$	11,255

Schedule of Components of Lease Expense and Other Information


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,950	$	3,995
Variable lease payments	$	1,972	$	1,687
Cash paid for amounts included in the measurement of finance lease liabilities	$	189	$	—

Schedule of Operating Lease Maturities

Future minimum lease payments included in the consolidated balance sheets are as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Lease
2025	$	3,073	$	1,133
2026	3,571		1,133
2027	3,534		1,204
2028	3,604		1,416
2029	3,678		1,416
Thereafter	593,357		404,379
Total lease payments	610,817		410,681
Less imputed interest	(525,582)		(379,049)
Total lease liabilities	$	85,235	$	31,632

Schedule of Current and Future Minimum Rental Payments for Ground Leases

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

Property

Term (1)

Annual Rent

Embassy Suites by Hilton Bethesda

Through 4/2087

$1,077,381 (2)

Courtyard New York Manhattan/Fifth Avenue (3)

10/2017 - 9/2027

$1,132,812

10/2027 - 9/2037

$1,416,015

10/2037 - 9/2047

$1,770,019

10/2047 - 9/2057

$2,212,524

10/2057 - 9/2067

$2,765,655

10/2067 - 9/2077

$3,457,069

10/2077 - 9/2087

$4,321,336

10/2087 - 9/2097

$5,401,670

10/2097 - 9/2107

$6,752,088

10/2107 - 9/2117

$8,440,110

10/2117 - 9/2121

$10,550,138

Salt Lake City Marriott (Ground lease for hotel)

Through 12/2106

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

Salt Lake City Marriott (Ground lease for extension)

1/2018 - 12/2056

$15,203 (4)

Westin Boston Seaport District (5) (Base rent)

1/2021 - 12/2025

$1,000,000

1/2026 - 12/2030

$1,500,000

1/2031 - 12/2035

$1,750,000

1/2036 - 5/2099

No base rent

Westin Boston Seaport District (Percentage rent)

6/2016 - 5/2026

1.0% of annual gross revenue

6/2026 - 5/2036

1.5% of annual gross revenue

6/2036 - 5/2046

2.75% of annual gross revenue

6/2046 - 5/2056

3.0% of annual gross revenue

6/2056 - 5/2066

3.25% of annual gross revenue

6/2066 - 5/2099

3.5% of annual gross revenue

Hotel Clio

1/2021 - 12/2025

$55,000

1/2026 - 12/2030 (6)

$60,000

Orchards Inn Sedona

7/2018 - 12/2070

$150,993 (7)

Hotel Palomar Phoenix (Base Rent)

4/2022 - 3/2085

$37,253 (8)

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

1/2022 - 6/2033

$312,000

7/2033 - 6/2043

$234,000

7/2043 - 6/2053

$156,000

7/2053 - 6/2063

$78,000

7/2063 - 3/2085

$—

Cavallo Point (Base Rent)

1/2019 - 12/2066

$140,531 (10)

Cavallo Point (11) (Percentage Rent)

1/2024 - 12/2028

3.0% of adjusted gross revenue over threshold

1/2029 - 12/2033

4.0% of adjusted gross revenue over threshold

1/2034 - 12/2066

5.0% of adjusted gross revenue over threshold

Cavallo Point (12) (Participation Rent)

Through 12/2066

10.0% of adjusted gross revenue over threshold

Bourbon Orleans Hotel parking sublease

Through 7/2069

$36,000 (13)

__________


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

(2)			Represents rent for the year ended December 31, 2024. Rent increases annually by 5.5%.

(3)			The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the years ended December 31, 2024 and 2023.

(4)			Represents rent for the year ended December 31, 2024. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation.

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

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

(7)			Represents rent for the year ended December 31, 2024. Rent increases annually in June based on a Consumer Price Index calculation.

(8)			Represents rent for the year ended March 31, 2024. Rent increases annually each April by 2.5%.


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

(10)			Represents rent for the year ending December 31, 2024. Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2029.

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

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

(13)			Represents rent for the year ending December 31, 2024. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ 48,250	$ 86,635	$ 109,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113,588	111,302	108,849
Corporate asset depreciation as corporate expenses	121	192	220
Loss on early extinguishment of debt	0	0	9,766
Non-cash lease expense and other amortization	5,970	6,156	6,226
Non-cash interest rate swap fair value adjustment	0	2,033	(13,914)
Amortization of debt issuance costs	1,967	2,053	2,489
Impairment losses	34,169	941	2,843
Amortization of deferred income related to key money	(431)	(431)	(423)
Share-based compensation	12,019	8,771	7,789
Deferred income tax expense	(449)	(975)	(781)
Changes in assets and liabilities:
Prepaid expenses and other assets	(3,936)	(3,684)	(9,563)
Due to/from hotel managers	3,459	24,151	(24,034)
Accounts payable and accrued expenses	9,682	420	7,067
Net cash provided by operating activities	224,409	237,564	206,239
Cash flows from investing activities:
Capital expenditures	(81,588)	(86,314)	(67,657)
Property acquisitions	(30,532)	(32,699)	(181,942)
Acquisition of interest in land	0	(1,833)	0
Receipt of deferred key money	0	0	1,000
Net cash used in investing activities	(112,120)	(120,846)	(248,599)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(9,127)	(9,544)	(14,629)
Repurchase of common stock	(25,993)	(2,423)	(12,287)
Repayments of mortgage debt	(73,255)	0	(178,141)
Proceeds from senior unsecured term loans	0	0	800,000
Repayments of senior unsecured term loans	0	0	(400,000)
Draws on senior unsecured credit facility	0	0	110,000
Repayments of senior unsecured credit facility	0	0	(200,000)
Payment of financing costs	0	0	(13,846)
Distributions on common stock and units	(25,601)	(31,909)	(6,421)
Distributions on preferred stock	(9,817)	(9,817)	(9,817)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(6,878)	(3,032)	(828)
Net cash (used in) provided by financing activities	(150,671)	(56,725)	74,031
Net (decrease) increase in cash and cash equivalents, and restricted cash	(38,382)	59,993	31,671
Cash, cash equivalents, and restricted cash beginning of year	167,171	107,178	75,507
Cash, cash equivalents, and restricted cash, end of year	128,789	167,171	107,178
Supplemental disclosure of cash flow information:
Cash paid for interest	63,775	60,363	47,547
Cash paid for income taxes	4,654	2,666	6,625
Non-cash investing and financing activities:
Distributions declared and unpaid	49,034	6,324	12,946
Accrued capital expenditures	5,438	4,667	8,007
Redemption of Operating Partnership units for common stock		365	214
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	81,381	121,595	67,564
Restricted cash	47,408	45,576	39,614
Total cash, cash equivalents, and restricted cash	$ 128,789	$ 167,171	$ 107,178

Subsequent Events (Details) $ in Millions	Feb. 19, 2025 USD ($)
Westin Washington DC, City Center Hotel \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of building	$ 92.0

Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

As of December 31, 2024 and 2023, the Company had the following derivatives (in thousands):


									Fair Value of Assets
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2024		December 31, 2023
$300M Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	$	—	$	1,660
$300M Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	—		1,658
$500M Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	1,328		554
$500M Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	747		449
$500M Senior unsecured term loans	Swap	3.27	%	SOFR	October 1, 2024	January 1, 2028	$	37,500	757		—
$500M Senior unsecured term loans	Swap	3.27	%	SOFR	October 1, 2024	January 1, 2028	$	37,500	758		—
$500M Senior unsecured term loans	Swap	3.07	%	SOFR	January 2, 2025	January 1, 2027	$	25,000	456		—
$500M Senior unsecured term loans	Swap	3.25	%	SOFR	January 2, 2025	January 1, 2026	$	75,000	628		—
									$	4,674	$	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 on derivative financial statements (in thousands):


		Year Ended December 31,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2024		2023		2022
Gain (loss) recognized in other comprehensive income	Unrealized gain (loss) on interest rate derivative instruments	$	353	$	(2,634)	$	—
Interest income for derivatives that were designated as cash flow hedges	Interest expense	$	6,629	$	7,688	$	—
Interest income (expense) for derivatives that were not designated as cash flow hedges	Interest expense	$	—	$	(469)	$	13,486

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

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.

In August 2024, our board of directors approved an “at-the-market” equity offering program (the “Current 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. Prior to the establishment of the Current ATM Program, we had a $200.0 million ATM program (the “Prior ATM Program”), which is no longer active. No shares were sold under either the Prior ATM Program or the Current ATM Program during the years ended December 31, 2024 and 2023.

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. During the year ended December 31, 2024, we repurchased 3,114,876 shares of common stock at an average price of $8.33 per share for an aggregate purchase price of $26.0 million. During the year ended December 31, 2023, we repurchased 318,454 shares of common stock at an average price of $7.60 per share for a total purchase price of $2.4 million. As of February 28, 2025, we have $174.0 million of authorized capacity remaining under the share repurchase program.

Preferred Shares

We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption.

As of December 31, 2024 and 2023, there were 4,760,000 shares of 8.250% Series A Cumulative Redeemed Preferred Stock (“Series A Preferred Stock”) issued and outstanding with a liquidation preference of $25.00 per share. On or after August 31, 2025, the Series A Preferred Stock will be redeemable at the Company's option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date.

Operating Partnership Units

In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions.

Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2024 Plan for the performance of services to or for the benefit of our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit

distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 10 for additional disclosures related to LTIP units.

There were 994,653 and 723,166 common OP units held by unaffiliated third parties and current and former executive officers of the Company as of December 31, 2024 and 2023, respectively. There were 140,127 and 314,137 LTIP units outstanding as of December 31, 2024 and 2023, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units.

Dividends and Distributions

We have declared the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units for the years ended December 31, 2024 and 2023, and through the date of this report::


Payment Date	Record Date	Dividend per Share/Unit




April 12, 2023	March 31, 2023	$	0.03
July 12, 2023	June 30, 2023	$	0.03
October 12, 2023	September 29, 2023	$	0.03
January 11, 2024	December 29, 2023	$	0.03
April 12, 2024	March 29, 2024	$	0.03
July 12, 2024	June 28, 2024	$	0.03
October 11, 2024	September 30, 2024	$	0.03
January 14, 2025	December 31, 2024	$	0.23

We have declared the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2024 and 2023, and through the date of this report:


Payment Date	Record Date	Dividend per Share
March 31, 2023	March 17, 2023	$	0.515625
June 30, 2023	June 20, 2023	$	0.515625
September 29, 2023	September 18, 2023	$	0.515625
December 29, 2023	December 18, 2023	$	0.515625
March 29, 2024	March 18, 2024	$	0.515625
June 28, 2024	June 18, 2024	$	0.515625
September 30, 2024	September 20, 2024	$	0.515625
December 31, 2024	December 20, 2024	$	0.515625

- 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)
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-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
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-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
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-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
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-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
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Equity Incentive Plan

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

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 1,076,916 shares as of December 31, 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 the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. A summary of our restricted stock awards from January 1, 2022 to December 31, 2024 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	1,443,295	$	9.46
Granted	438,070	9.55
Forfeited	(250,261)	9.43
Vested	(274,167)	9.56
Unvested balance at December 31, 2022	1,356,937	9.47
Granted	247,762	8.94
Forfeited	(21,184)	9.13
Vested	(382,822)	9.60
Unvested balance at December 31, 2023	1,200,693	9.33
Granted	361,920	8.66

Vested	(941,018)	9.35
Unvested balance at December 31, 2024	621,595	$	8.90

The total unvested restricted stock awards as of December 31, 2024 are expected to vest as follows: 253,430 during 2025, 244,845 during 2026, 114,089 during 2027, 7,970 during 2028, and 1,261 during 2029. As of December 31, 2024, the unrecognized compensation cost related to restricted stock awards was $3.4 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 23 months. For the years ended December 31, 2024, 2023, and 2022, we recorded $5.1 million, $4.2 million and $4.3 million, respectively, of compensation expense net of forfeitures related to restricted stock awards. The compensation expense recorded for the year ended December 31, 2024 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. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.2 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer, as well as certain other employees.

Performance Stock Units

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

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


Award Grant Date	Volatility		Risk-Free Rate		Total Stockholder Return PSUs		Hotel Market Share PSUs
March 2, 2021	68.8	%	0.26	%	$	9.28	$	9.40
February 22, 2022	71.4	%	1.74	%	$	9.84	$	9.56
August 9, 2022	73.3	%	3.20	%	$	9.65	$	9.32
February 23, 2023	74.5	%	4.40	%	$	9.22	$	8.94
May 7, 2024	36.5	%	4.64	%	$	8.03	$	8.72

A summary of our PSUs from January 1, 2022 to December 31, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	969,240	$	9.45
Granted	407,570	9.66
Additional units from dividends	3,600	7.89
Vested (1)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at December 31, 2022	950,653	9.35
Granted	363,523	9.08
Additional units from dividends	17,886	8.35
Vested (2)	(299,766)	9.01

Unvested balance at December 31, 2023	1,032,296	9.34
Granted	364,799	8.36
Additional units from dividends	13,340	8.93
Vested (3)	(301,861)	9.32

Unvested balance at December 31, 2024	1,108,574	$	9.02

______________________

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

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

(3)The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.56% of the PSU Target Award.

The remaining unvested PSUs expected to vest are as follows: 332,534 during 2025, 372,513 in 2026 and 403,527 during 2027. As of December 31, 2024, the unrecognized compensation cost related to the PSUs was $2.8 million and is expected to be recognized on a straight-line basis over a period of 25 months. For the years ended December 31, 2024, 2023, and 2022, we recorded approximately $4.2 million, $3.0 million, and $2.3 million, respectively, of compensation expense net of forfeitures related to the PSUs. The compensation expense recorded for the year ended December 31, 2024 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. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.5 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer.

LTIP Units

A summary of our LTIP units from January 1, 2022 to December 31, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	135,388	$	10.22
Granted	71,084	9.32
Vested (1)	(108,422)	10.38

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

Unvested balance at December 31, 2023	314,137	9.01
Granted	97,477	8.72
Vested (1)	(271,487)	8.94
Unvested balance at December 31, 2024	140,127	$	9.85

______________________

(1)As of December 31, 2024, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

The remaining unvested LTIP units are expected to vest as follows: 46,709 during 2025, 2026, and 2027. As of December 31, 2024, the unrecognized compensation cost related to LTIP unit awards was $1.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 28 months. For the years ended December 31, 2024, 2023, and 2022, we recorded $2.0 million, $0.8 million, and $0.5 million, respectively, of compensation expense related to LTIP unit awards. The compensation expense recorded for the year ended December 31, 2024 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.

Income Taxes - Income Tax Provisions, Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Income Tax Expense (Benefit)
Federal	$ 279	$ (84)	$ 901
State	1,711	1,376	2,487
Total current	1,990	1,292	3,388
Deferred Income Tax Expense (Benefit)
Federal	(253)	492	1,090
State	6	(486)	2,044
Change in valuation allowance	(202)	(981)	(3,915)
Total deferred	(449)	(975)	(781)
Income tax provision	$ 1,541	$ 317	$ 2,607

Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Units
Beginning balance (in shares)	1,032,296	950,653	969,240
Granted (in shares)	364,799	363,523	407,570
Additional units from dividends (in shares)	13,340	17,886	3,600
Vested (in shares)	(301,861)	(299,766)	(269,224)
Forfeited (in shares)			(160,533)
Ending balance (in shares)	1,108,574	1,032,296	950,653
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.34	$ 9.35	$ 9.45
Granted (in dollars per share)	8.36	9.08	9.66
Additional unit from dividends (in dollars per share)	8.93	8.35	7.89
Vested (in dollars per share)	9.32	9.01	10.14
Weighted-average grant date fair value, Forfeited (in dollars per share)			9.34
Ending balance (in dollars per share)	$ 9.02	$ 9.34	$ 9.35
Stock of common stock earned for the PSUs vested (as a percent)	95.56%	103.36%	105.71%

Income Taxes - Schedule of Distributions Paid, Tax Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0.320000	$ 0.120000	$ 0.090000
Common Stock \| Ordinary non-qualified income
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0.320000	0.120000	0.044543
Common Stock \| Qualified dividends
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0	0	0.045457
Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	2.062500	2.062500
Series A Preferred Stock \| Ordinary non-qualified income
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	2.062500	1.020772
Series A Preferred Stock \| Qualified dividends
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0	$ 0	$ 1.041728

Relationships with Managers and Franchisors

12 Months Ended

Dec. 31, 2024

Relationships With Managers [Abstract]

Relationships with Managers and Franchisors

We are party to a hotel management agreement at each of our hotels. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is between 0.5% and 3.5% of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.”

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

The following is a summary of management fees (in thousands):


	Year Ended December 31,
	2024		2023		2022
Base management fees	$	23,357	$	22,543	$	20,630
Incentive management fees	5,781		4,444		4,790
Amortization of deferred income related to key money (1)	(400)		(400)		(392)
Amortization of unfavorable contract liabilities	(1,589)		(1,589)		(1,589)
Total management fees, net	$	27,149	$	24,998	$	23,439

_____________________________

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

Four of our hotels earned incentive management fees for the year ended December 31, 2024. Five of our hotels earned incentive management fees for the year ended December 31, 2023. Eleven of our hotels earned incentive management fees for the year ended December 31, 2022.

Franchise Agreements

We are party to a franchise agreement at 20 of our hotels as of December 31, 2024. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of the hotel's gross rooms revenue. Pursuant to these franchise agreements, we pay a royalty fee ranging between 3.5% and 7% of gross room sales, and, under certain agreements, between 2% and 3% of gross food and beverage sales.

The following is a summary of franchise fees for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Franchise fees	$	39,755	$	35,769	$	32,714
Amortization of deferred income related to key money (1)	(31)		(31)		(31)
Total franchise fees, net	$	39,724	$	35,738	$	32,683

_____________________________

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

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

As of December 31, 2024 and 2023, the Company had the following derivatives (in thousands):


									Fair Value of Assets
Hedged Debt	Type	Fixed Rate		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2024		December 31, 2023
$300M Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	$	—	$	1,660
$300M Senior unsecured term loans	Swap (1)	1.63	%	SOFR	November 28, 2022	July 25, 2024	$	87,500	—		1,658
$500M Senior unsecured term loans	Swap	3.36	%	SOFR	March 1, 2023	January 1, 2028	$	75,000	1,328		554
$500M Senior unsecured term loans	Swap	3.50	%	SOFR	March 1, 2023	January 1, 2027	$	75,000	747		449
$500M Senior unsecured term loans	Swap	3.27	%	SOFR	October 1, 2024	January 1, 2028	$	37,500	757		—
$500M Senior unsecured term loans	Swap	3.27	%	SOFR	October 1, 2024	January 1, 2028	$	37,500	758		—
$500M Senior unsecured term loans	Swap	3.07	%	SOFR	January 2, 2025	January 1, 2027	$	25,000	456		—
$500M Senior unsecured term loans	Swap	3.25	%	SOFR	January 2, 2025	January 1, 2026	$	75,000	628		—
									$	4,674	$	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 on derivative financial statements (in thousands):


		Year Ended December 31,
Effect of derivative instruments	Location in Statements of Operations and Comprehensive Income	2024		2023		2022
Gain (loss) recognized in other comprehensive income	Unrealized gain (loss) on interest rate derivative instruments	$	353	$	(2,634)	$	—
Interest income for derivatives that were designated as cash flow hedges	Interest expense	$	6,629	$	7,688	$	—
Interest income (expense) for derivatives that were not designated as cash flow hedges	Interest expense	$	—	$	(469)	$	13,486

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

Segment Reporting - Revenues for Our Hotel Ownership Segment Reconciled (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,129,883	$ 1,074,867	$ 1,001,503
Non-cash lease expense and other amortization	5,970	6,156	6,226
Impairment losses	34,169	941	2,843
Depreciation and amortization	113,588	111,302	108,849
Corporate expenses	52,911	32,048	31,790
Interest expense	65,516	65,072	38,283
Loss on early extinguishment of debt	0	0	9,766
Other (income) expense, net	(4,337)	(2,561)	1,404
Income tax expense	1,541	317	2,607
Net (loss) income	48,250	86,635	109,705
Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total revenues	1,129,883	1,074,867	1,001,503
Total significant expenses	770,683	729,758	651,330
Other hotel expenses	40,586	43,953	38,068
Hotel adjusted EBITDA:	318,614	301,156	312,105
Non-cash lease expense and other amortization	5,970	6,156	6,226
Hotel pre-opening and manager transition items	1,006	1,246	1,164
Impairment losses	34,169	941	2,843
Depreciation and amortization	113,588	111,302	108,849
Corporate expenses	32,549	32,048	31,790
Interest expense	65,516	65,072	38,283
Interest income	(4,013)	(2,442)	(1,029)
Loss on early extinguishment of debt	0	0	9,766
Severance costs	20,362	0	(532)
Other (income) expense, net	(324)	(119)	2,433
Income tax expense	1,541	317	2,607
Net (loss) income	48,250	86,635	109,705
Other
Segment Reporting Information [Line Items]
Total revenues	105,575	97,663	82,000
Total significant expenses	268,563	261,536	233,691
Other \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	268,563	261,536	233,691
Rooms
Segment Reporting Information [Line Items]
Total revenues	742,626	717,447	681,269
Total significant expenses	186,131	176,765	163,062
Rooms \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	186,131	176,765	163,062
Food and beverage
Segment Reporting Information [Line Items]
Total revenues	281,682	259,757	238,234
Total significant expenses	193,331	180,546	163,622
Food and beverage \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	193,331	180,546	163,622
Management fees
Segment Reporting Information [Line Items]
Total significant expenses	27,149	24,998	23,439
Management fees \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	28,739	26,587	25,029
Franchise fees
Segment Reporting Information [Line Items]
Total significant expenses	39,724	35,738	32,683
Franchise fees \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	39,724	35,738	32,683
Property taxes \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total significant expenses	$ 54,195	$ 48,586	$ 33,243

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 27, 2022 USD ($) facility
Debt Instrument [Line Items]
Principal balance	$ 1,095,808
Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Right to increase facility, amount			$ 1,400,000
Revolving Credit Facility \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity			400,000
Term Loan Facilities \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 800,000
Number of facilities \| facility			2
Unsecured Term Loan Due January 2028 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance	500,000	$ 500,000
Unsecured Term Loan due January 2025 \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance	$ 300,000

Relationships with Managers and Franchisors - Narrative (Details) - hotel	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Number of hotels that earned incentive management fees	4	5	11
Minimum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	0.50%
Maximum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	3.50%

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,967	$ 2,053	$ 2,489
Interest rate swap mark-to-market	0	2,033	(13,914)
Finance lease expense	311	0	0
Interest expense	65,516	65,072	38,283
Mortgage debt interest
Debt Instrument [Line Items]
Debt, interest expenses	14,753	16,436	23,276
Unsecured term loan interest
Debt Instrument [Line Items]
Debt, interest expenses	47,232	43,294	21,153
Credit facility interest and unused fees
Debt Instrument [Line Items]
Debt, interest expenses	$ 1,253	$ 1,256	$ 5,279

- 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

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

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


			Principal Balance as of December 31,
Loan	Interest Rate as of December 31, 2024	Maturity Date	2024		2023
Courtyard New York Manhattan / Midtown East mortgage loan	4.40%	August 2024	—		74,346
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	71,766		73,727
Hotel Clio mortgage loan	4.33%	July 2025	54,657		56,091
Westin Boston Seaport District mortgage loan	4.36%	November 2025	169,385		174,025
Unsecured term loan	SOFR + 1.35% (1)	January 2028	500,000		500,000
Unsecured term loan	SOFR + 1.35% (2)	January 2026 (3)	300,000		300,000
Senior unsecured credit facility	SOFR + 1.40%	September 2026 (4)	—		—
Total debt			1,095,808		1,178,189
Unamortized debt issuance costs (5)			(514)		(1,184)
Debt, net of unamortized debt issuance costs			$	1,095,294	$	1,177,005
Weighted-Average Interest Rate (6)	5.21%

_____________

(1)Interest rate as of December 31, 2024 was 5.38%, which includes the effect of interest rate swaps.

(2)Interest rate as of December 31, 2024 was 5.79%.

(3)In September 2024, we exercised our option to extend the maturity by an additional year to January 2026.

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

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

(6)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.

As of December 31, 2024, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands):


2025	$	295,808
2026	300,000
2027	—
2028	500,000
2029	—
Thereafter	—
	$	1,095,808

Mortgage Debt

We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2024, three of our 37 hotel properties were secured by mortgage debt. On August 6, 2024, we paid off $73.3 million outstanding on the Courtyard New York Manhattan/Midtown East mortgage loan using cash on hand. We have three mortgage loans that mature in the next twelve months. We are actively pursuing a financing transaction the proceeds of which will be used to repay the three mortgage loans that mature in 2025. In the case that we are unsuccessful with obtaining this new financing, we may repay such mortgage loans using cash on hand and 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. As of December 31, 2023 and 2024, all cash traps had been released.

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 loans consist of a $500 million term loan that matures on January 3, 2028, and a $300 million term loan that matures January 3, 2026. In September 2024, we exercised our option to extend the maturity of the $300 million term loan from January 3, 2025 to January 3, 2026. 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-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 are as follows:


		Actual at
	Covenant	December 31, 2024
Maximum leverage ratio (1)	60%	26.5%
Minimum fixed charge coverage ratio (2)	1.50x	3.05x
Secured recourse indebtedness	Less than 45% of Total Asset Value	8.5%
Unencumbered leverage ratio	60.0%	27.4%
Unencumbered implied debt service coverage ratio	1.20x	2.75x

_____________________________

(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 recent trailing 12 month period, 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 12 month period.

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


	Year Ended December 31,
	2024		2023		2022
Mortgage debt interest	$	14,753	$	16,436	$	23,276
Unsecured term loan interest	47,232		43,294		21,153
Credit facility interest and unused fees	1,253		1,256		5,279
Amortization of debt issuance costs	1,967		2,053		2,489
Interest rate swap mark-to-market	—		2,033		(13,914)
Finance lease expense(1)	311		$	—	$	—
	$	65,516	$	65,072	$	38,283

_____________

(1)In October 2024, we extended the term on one of our ground leases, and, as a result, the lease classification changed from an operating lease to a finance lease.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

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

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

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

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

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

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

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

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

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

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

+ Details

Equity - Schedule of Dividends Payable (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
O 2023 Q1 Dividends
Class of Stock [Line Items]
Dividend per share (in dollars per share)									$ 0.515625
O 2023 Q2 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)								$ 0.03
Dividend per share (in dollars per share)								$ 0.515625
O 2023 Q3 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)							$ 0.03
Dividend per share (in dollars per share)							$ 0.515625
O 2023 Q4 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)						$ 0.03
Dividend per share (in dollars per share)						$ 0.515625
O 2024 Q1 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)					$ 0.03
Dividend per share (in dollars per share)					$ 0.515625
O 2024 Q2 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)				$ 0.03
Dividend per share (in dollars per share)				$ 0.515625
O 2024 Q3 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)			$ 0.03
Dividend per share (in dollars per share)			$ 0.515625
O 2024 Q4 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)		$ 0.03
Dividend per share (in dollars per share)		$ 0.515625
Subsequent Event \| O 2025 Q1 Dividends
Class of Stock [Line Items]
Dividends per Share (in dollars per share)	$ 0.23

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

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

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2024 (in thousands)


							Costs
			Initial Cost				Capitalized		Gross Amount at End of Year
					Building and		Subsequent to				Building and				Accumulated		Net Book		Year of	Depreciation
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Value		Acquisition	Life
AC Hotel Minneapolis Downtown	—		4,141		24,549		—		4,141		24,549		28,690		(103)		28,587		2024	10 - 40 Years
Atlanta Marriott Alpharetta	$	—	$	3,623	$	33,503	$	6,071	$	3,623	$	39,574	$	43,197	$	(17,896)	$	25,301	2005	10 - 40 Years
Bourbon Orleans Hotel			20,644		60,969		4,680		20,645		65,648		86,293		(5,459)		80,834		2021	10 - 40 Years
Cavallo Point, The Lodge at Golden Gate			—		123,100		9,870		—		132,970		132,970		(27,131)		105,839		2018	10 - 40 Years
Chicago Marriott Downtown, Magnificent Mile	—		36,900		347,921		99,974		36,900		447,895		484,795		(188,562)		296,233		2006	10 - 40 Years
Chico Hot Springs Resort & Day Spa	—		11,291		20,595		1,245		11,291		21,840		33,131		(1,563)		31,568		2023	10 - 20 Years
Embassy Suites by Hilton Bethesda	—		—		45,656		10,683		—		56,339		56,339		(25,260)		31,079		2004	10 - 40 Years
The Gwen Hotel	—		31,650		76,961		25,374		31,650		102,335		133,985		(40,394)		93,591		2006	10 - 40 Years
Courtyard Denver Downtown	—		9,400		36,180		6,806		9,400		42,986		52,386		(14,482)		37,904		2011	10 - 40 Years
Courtyard New York Manhattan/Fifth Avenue	—		—		34,685		10,008		—		44,693		44,693		(20,041)		24,652		2004	10 - 40 Years
Courtyard New York Manhattan/Midtown East	—		16,500		54,812		11,338		16,500		66,150		82,650		(29,958)		52,692		2004	10 - 40 Years
Havana Cabana Key West	—		32,888		13,371		7,268		32,888		20,639		53,527		(4,359)		49,168		2014	10 - 40 Years
Henderson Beach Resort			10,118		93,176		5,466		10,645		98,115		108,760		(7,599)		101,161		2021	10 - 40 Years
Henderson Park Inn			8,395		17,462		2,221		8,539		19,539		28,078		(1,906)		26,172		2021	10 - 40 Years
Hotel Champlain Burlington	—		9,197		40,644		17,927		9,197		58,571		67,768		(14,607)		53,161		2012	10 - 40 Years
Hilton Garden Inn New York/Times Square Central	—		60,300		88,896		2,538		60,300		91,434		151,734		(23,602)		128,132		2014	10 - 40 Years
Hotel Clio	(54,657)		9,200		63,183		15,576		9,200		78,759		87,959		(23,671)		64,288		2011	10 - 40 Years
Hotel Emblem San Francisco	—		7,856		21,085		9,081		7,856		30,166		38,022		(7,759)		30,263		2012	10 - 40 Years
Hotel Palomar Phoenix	—		—		59,703		3,139		—		62,842		62,842		(10,465)		52,377		2018	10 - 40 Years
The Hythe Vail	—		5,800		52,463		38,342		5,800		90,805		96,605		(31,834)		64,771		2005	10 - 40 Years
Kimpton Shorebreak Fort Lauderdale Beach Resort	—		3,436		29,206		1,309		3,436		30,515		33,951		(2,137)		31,814		2022	10 - 40 Years
Kimpton Shorebreak Huntington Beach Resort	—		19,908		37,525		5,446		20,423		42,456		62,879		(10,516)		52,363		2015	10 - 40 Years
Margaritaville Beach House Key West	—		49,592		42,958		18,980		49,592		61,938		111,530		(12,870)		98,660		2015	10 - 40 Years
Lake Austin Spa Resort	—		25,089		43,879		804		25,089		44,683		69,772		(2,850)		66,922		2022	10 - 40 Years
The Landing Lake Tahoe Resort & Spa	—		14,816		24,351		2,623		14,816		26,974		41,790		(4,634)		37,156		2018	10 - 40 Years
L'Auberge de Sedona	—		39,384		22,204		10,120		39,384		32,324		71,708		(5,670)		66,038		2017	10 - 40 Years
Orchards Inn Sedona	—		9,726		10,180		924		9,726		11,104		20,830		(2,290)		18,540		2017	10 - 40 Years
Salt Lake City Marriott Downtown at City Creek	—		—		45,815		21,687		—		67,502		67,502		(26,811)		40,691		2004	10 - 40 Years
The Dagny Boston	—		23,262		128,628		43,467		23,262		172,095		195,357		(45,775)		149,582		2012	10 - 40 Years
The Lindy Renaissance Charleston Hotel	—		5,900		32,511		11,099		5,900		43,610		49,510		(13,857)		35,653		2010	10 - 40 Years
The Lodge at Sonoma Resort	—		3,951		22,720		17,383		3,951		40,103		44,054		(13,124)		30,930		2004	10 - 40 Years
Tranquility Bay Beachfront Resort	—		1,865		19,357		256		1,865		19,613		21,478		(1,520)		19,958		2022	10 - 40 Years


Westin Boston Seaport District	(169,385)		—		273,696		39,009		—		312,705		312,705		(134,847)		177,858		2007	10 - 40 Years
Westin Fort Lauderdale Beach Resort	—		54,293		83,227		18,723		54,293		101,950		156,243		(24,360)		131,883		2014	10 - 40 Years
Westin San Diego Bayview	—		22,902		95,617		21,693		22,902		117,310		140,212		(34,008)		106,204		2012	10 - 40 Years
Westin Washington D.C City Center	—		24,579		122,229		(146,808)		17,699		102,754		120,453		(31,624)		88,829		2012	10 - 40 Years
Worthington Renaissance Fort Worth Hotel	(71,766)		15,500		63,428		32,612		17,172		94,368		111,540		(36,423)		75,117		2005	10 - 40 Years
Total	$	(295,808)	$	592,106	$	2,406,445	$	507,387	$	588,085	$	2,917,853	$	3,505,938	$	(899,967)	$	2,605,971

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


Balance at December 31, 2021	$	3,221,818
Additions:
Acquisitions	122,832
Capital expenditures	39,859



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



Balance at December 31, 2023	3,477,326
Additions:
Acquisitions	28,690
Capital expenditures	50,846
Deductions:
Impairment losses	(43,920)
Dispositions and other	(7,004)
Balance at December 31, 2024	$	3,505,938

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


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


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


Balance at December 31, 2023	841,300
Depreciation and amortization	77,018
Impairment losses	(11,347)
Dispositions and other	(7,004)
Balance at December 31, 2024	$	899,967

C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,443,554 as of December 31, 2024.

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Base management fees	$ 23,357	$ 22,543	$ 20,630
Incentive management fees	5,781	4,444	4,790
Amortization of deferred income related to key money	(400)	(400)	(392)
Amortization of unfavorable contract liabilities	(1,589)	(1,589)	(1,589)
Total management fees, net	$ 27,149	$ 24,998	$ 23,439

Equity Incentive Plan - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	1,200,693	1,356,937	1,443,295
Granted (in shares)	361,920	247,762	438,070
Forfeited (in shares)		(21,184)	(250,261)
Vested (in shares)	(941,018)	(382,822)	(274,167)
Ending balance (in shares)	621,595	1,200,693	1,356,937
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.33	$ 9.47	$ 9.46
Weighted-average grant date fair value, Granted (in dollars per share)	8.66	8.94	9.55
Weighted-average grant date fair value, Forfeited (in dollars per share)		9.13	9.43
Weighted-average grant date fair value, Vested (in dollars per share)	9.35	9.60	9.56
Ending balance (in dollars per share)	$ 8.90	$ 9.33	$ 9.47

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 48,047	$ 86,340	$ 109,328

- Definition

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

+ References

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-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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+ Details

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2024 hotel room
Real Estate Properties [Line Items]
Number of hotels \| hotel	37
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	10,004
Hotels operated (as a percent )	60.00%
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest (as a percent)	99.50%
Limited partner, ownership interest (as a percent)	0.50%

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents revenues for our hotel ownership segment reconciled to our consolidated amounts and Hotel Adjusted EBITDA reconciled to consolidated net income (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues:
Hotel ownership revenue	$	1,129,883	$	1,074,867	$	1,001,503
Total consolidated revenue	1,129,883		1,074,867		1,001,503

Significant expenses:
Rooms expense	186,131		176,765		163,062
Food and beverage expense	193,331		180,546		163,622
Other departmental and support expenses	268,563		261,536		233,691
Management fees	28,739		26,587		25,029
Franchise fees	39,724		35,738		32,683
Property taxes	54,195		48,586		33,243
Total significant expenses	770,683		729,758		651,330

Other segment expenses:
Other hotel expenses(1)	40,586		43,953		38,068

Hotel adjusted EBITDA:	318,614		301,156		312,105

Non-cash lease expense and other amortization	5,970		6,156		6,226
Hotel pre-opening and manager transition items	1,006		1,246		1,164
Impairment losses	34,169		941		2,843
Depreciation and amortization	113,588		111,302		108,849
Corporate expenses	32,549		32,048		31,790
Interest expense	65,516		65,072		38,283
Interest income	(4,013)		(2,442)		(1,029)
Loss on early extinguishment of debt	—		—		9,766
Severance costs	20,362		—		(532)
Other (income) expense, net	(324)		(119)		2,433
Income tax expense	1,541		317		2,607
Consolidated net income:	$	48,250	$	86,635	$	109,705

_____________________________

(1)Other hotel expenses is principally comprised of cash payments for leases and property insurance.

Reconciliation of Total Assets for Our Hotel Ownership Segment

The following table presents total assets for our hotel ownership segment, reconciled to total consolidated assets (in thousands):


	Year Ended December 31,
	2024		2023
Hotel ownership	$	3,063,835	$	3,118,140
All other	108,416		120,547
Total assets	$	3,172,251	$	3,238,687

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

Derivatives - Schedule of Gains and Losses Recognized on Derivative Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Decrease to interest expense expected to be reclassified in the next twelve months (less than)	$ 2,500
Designated as Hedging Instrument \| Unrealized gain (loss) on interest rate derivative instruments
Derivative [Line Items]
Gain (loss) recognized	353	$ (2,634)	$ 0
Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
Gain (loss) recognized	6,629	7,688	0
Not Designated as Hedging Instrument \| Interest expense
Derivative [Line Items]
Gain (loss) recognized	$ 0	$ (469)	$ 13,486

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision	$ 10,521	$ 18,226	$ 23,620
Tax impact of REIT election	(10,194)	(17,281)	(21,110)
State income tax provision, net of federal tax benefit	1,717	890	4,531
Change in valuation allowance	(202)	(981)	(3,915)
Permanent differences	(316)	(349)	(495)
Other	15	(188)	(24)
Income tax provision	$ 1,541	$ 317	$ 2,607

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Fair Value Measurements

12 Months Ended

Dec. 31, 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):


	December 31, 2024				December 31, 2023
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,095,294	$	1,092,443	$	1,177,005	$	1,167,638

_______________

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

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

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

- Definition

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

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+ Details

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 3,172,251	$ 3,238,687
Operating Segments \| Hotel Ownership Segment
Segment Reporting Information [Line Items]
Total assets	3,063,835	3,118,140
All other
Segment Reporting Information [Line Items]
Total assets	$ 108,416	$ 120,547

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	As of December 31,
	2024		2023
Land	$	570,386	$	590,824
Land improvements	2,400		7,994
Buildings	2,812,461		2,878,508
Furniture, fixtures and equipment	200,415		561,484
Construction in progress	24,969		21,175
	3,610,631		4,059,985
Less: accumulated depreciation	(979,410)		(1,304,790)
	$	2,631,221	$	2,755,195

As of December 31, 2024 and 2023, we had accrued capital expenditures of $5.4 million and $4.7 million, respectively.

On December 20, 2024, we entered into a purchase and sale agreement to sell the Westin Washington D.C. City Center to an unaffiliated third party for a contractual purchase price of $92.0 million. During the year ended December 31, 2024, we evaluated the recoverability of the carrying amount of the hotel as a result of our determination in the fourth quarter of 2024 that it is more likely than not that the hotel will be sold before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $32.6 million to adjust the hotel's carrying amount to its estimated fair value less costs to sell. As of December 31, 2024, the buyer placed a $2.7 million non-refundable deposit and the hotel was classified as held for sale based on our assessment of the criteria for a hotel to be classified as held for sale. The associated assets and liabilities of the hotel are recorded in assets held for sale and liabilities of assets held for sale on our consolidated balance sheets.

During the year ended December 31, 2024, we recorded additional impairment losses of $1.6 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2023, we recorded an impairment loss of $0.9 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2022, we recorded impairment losses of $2.8 million on the right-to-manage intangible asset related to the rental management agreements at Tranquility Bay Beachfront Resort upon our acquisition of four third-party owned units.

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

We have one reportable segment, hotel ownership, as discussed in Note 2. The hotel ownership segment is mostly comprised of upper upscale and luxury chain scale hotels that offer hotel rooms, food and beverage and other ancillary guest

services. The Company’s chief operating decision maker (“CODM”) is the Executive Committee which includes: 1) the Chief Executive Officer, 2) President and Chief Operating Officer, 3) Executive Vice President, Chief Financial Officer & Treasurer, and 4) Senior Vice President, General Counsel & Corporate Secretary.

The CODM evaluates the hotel ownership segment primarily based on hotel adjusted earnings (loss) before interest income and expense, taxes and depreciation and amortization (“Hotel Adjusted EBITDA”). The CODM uses Hotel Adjusted EBITDA to evaluate the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis, in order to make informed decisions on how to allocate resources. Hotel Adjusted EBITDA is also used to monitor budget versus actual results. The monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from the CODM’s analysis in making day-to-day operating decisions:

▪Non-cash lease expense and other amortization

▪Cumulative effect of a change in accounting principle

▪Gains or losses from early extinguishment of debt

▪Hotel acquisition costs

▪Severance costs

▪Hotel manager transition items

▪Hotel pre-opening costs

▪Impairment losses, gains or losses on asset sales and casualty gains or losses; and

▪Other items that we believe are not representative of our current or future operating performance.

The following table presents revenues for our hotel ownership segment reconciled to our consolidated amounts and Hotel Adjusted EBITDA reconciled to consolidated net income (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues:
Hotel ownership revenue	$	1,129,883	$	1,074,867	$	1,001,503
Total consolidated revenue	1,129,883		1,074,867		1,001,503

Significant expenses:
Rooms expense	186,131		176,765		163,062
Food and beverage expense	193,331		180,546		163,622
Other departmental and support expenses	268,563		261,536		233,691
Management fees	28,739		26,587		25,029
Franchise fees	39,724		35,738		32,683
Property taxes	54,195		48,586		33,243
Total significant expenses	770,683		729,758		651,330

Other segment expenses:
Other hotel expenses(1)	40,586		43,953		38,068

Hotel adjusted EBITDA:	318,614		301,156		312,105

Non-cash lease expense and other amortization	5,970		6,156		6,226
Hotel pre-opening and manager transition items	1,006		1,246		1,164
Impairment losses	34,169		941		2,843
Depreciation and amortization	113,588		111,302		108,849
Corporate expenses	32,549		32,048		31,790
Interest expense	65,516		65,072		38,283
Interest income	(4,013)		(2,442)		(1,029)
Loss on early extinguishment of debt	—		—		9,766
Severance costs	20,362		—		(532)
Other (income) expense, net	(324)		(119)		2,433
Income tax expense	1,541		317		2,607
Consolidated net income:	$	48,250	$	86,635	$	109,705

_____________________________

(1)Other hotel expenses is principally comprised of cash payments for leases and property insurance.

The following table presents total assets for our hotel ownership segment, reconciled to total consolidated assets (in thousands):


	Year Ended December 31,
	2024		2023
Hotel ownership	$	3,063,835	$	3,118,140
All other	108,416		120,547
Total assets	$	3,172,251	$	3,238,687

Total capital expenditures related to our hotel ownership segment were $81.6 million, $86.3 million and $67.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2024				December 31, 2023
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,095,294	$	1,092,443	$	1,177,005	$	1,167,638

_______________

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

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,950	$ 3,995
Variable lease payments	1,972	1,687
Cash paid for amounts included in the measurement of finance lease liabilities	$ 189	$ 0

Debt - Schedule of Applicable Margin (Details)	12 Months Ended
Debt - Schedule of Applicable Margin (Details)	Dec. 31, 2024
Less than 30% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Less than 30% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Greater than or equal to 30% but less than 35% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 30% but less than 35% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Greater than or equal to 35% but less than 40% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Greater than or equal to 35% but less than 40% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 40% but less than 45% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.60%
Greater than or equal to 40% but less than 45% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.55%
Greater than or equal to 45% but less than 50% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.80%
Greater than or equal to 45% but less than 50% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 50% but less than 55% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.95%
Greater than or equal to 50% but less than 55% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.85%
Greater than or equal to 55% \| Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 55% \| Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.20%

Debt (Tables)

12 Months Ended

Dec. 31, 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 December 31,
Loan	Interest Rate as of December 31, 2024	Maturity Date	2024		2023
Courtyard New York Manhattan / Midtown East mortgage loan	4.40%	August 2024	—		74,346
Worthington Renaissance Fort Worth Hotel mortgage loan	3.66%	May 2025	71,766		73,727
Hotel Clio mortgage loan	4.33%	July 2025	54,657		56,091
Westin Boston Seaport District mortgage loan	4.36%	November 2025	169,385		174,025
Unsecured term loan	SOFR + 1.35% (1)	January 2028	500,000		500,000
Unsecured term loan	SOFR + 1.35% (2)	January 2026 (3)	300,000		300,000
Senior unsecured credit facility	SOFR + 1.40%	September 2026 (4)	—		—
Total debt			1,095,808		1,178,189
Unamortized debt issuance costs (5)			(514)		(1,184)
Debt, net of unamortized debt issuance costs			$	1,095,294	$	1,177,005
Weighted-Average Interest Rate (6)	5.21%

_____________

(1)Interest rate as of December 31, 2024 was 5.38%, which includes the effect of interest rate swaps.

(2)Interest rate as of December 31, 2024 was 5.79%.

(3)In September 2024, we exercised our option to extend the maturity by an additional year to January 2026.

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

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

(6)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.

Schedule of Maturities of Long-Term Debt


2025	$	295,808
2026	300,000
2027	—
2028	500,000
2029	—
Thereafter	—
	$	1,095,808

Schedule of Line Of Credit Facility Leverage And Applicable Margin

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


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

Schedule of Line Of Credit Facility Covenant Compliance

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


		Actual at
	Covenant	December 31, 2024
Maximum leverage ratio (1)	60%	26.5%
Minimum fixed charge coverage ratio (2)	1.50x	3.05x
Secured recourse indebtedness	Less than 45% of Total Asset Value	8.5%
Unencumbered leverage ratio	60.0%	27.4%
Unencumbered implied debt service coverage ratio	1.20x	2.75x

_____________________________

Schedule of Components of Interest Expense

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


	Year Ended December 31,
	2024		2023		2022
Mortgage debt interest	$	14,753	$	16,436	$	23,276
Unsecured term loan interest	47,232		43,294		21,153
Credit facility interest and unused fees	1,253		1,256		5,279
Amortization of debt issuance costs	1,967		2,053		2,489
Interest rate swap mark-to-market	—		2,033		(13,914)
Finance lease expense(1)	311		$	—	$	—
	$	65,516	$	65,072	$	38,283

_____________

(1)In October 2024, we extended the term on one of our ground leases, and, as a result, the lease classification changed from an operating lease to a finance lease.

- 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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-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	0
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	0

Organization	12 Months Ended
Organization	Dec. 31, 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 December 31, 2024, we owned 37 hotels with 10,004 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 brands (Marriott International, Inc., Hilton Worldwide, or IHG Hotels & Resorts). We are an owner rather than an operator of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.5% of the limited partnership units (“common OP units”) as of December 31, 2024. The remaining 0.5% of the common OP units are held by third parties and current and former executive officers of the Company. See Note 9 for additional disclosures related to common OP units.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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)	207,592,210	209,627,197
Common stock, shares outstanding (in shares)	207,592,210	209,627,197

Relationships with Managers and Franchisors (Tables)

12 Months Ended

Dec. 31, 2024

Relationships With Managers [Abstract]

Schedule of Management Fees from Continuing Operations

The following is a summary of management fees (in thousands):


	Year Ended December 31,
	2024		2023		2022
Base management fees	$	23,357	$	22,543	$	20,630
Incentive management fees	5,781		4,444		4,790
Amortization of deferred income related to key money (1)	(400)		(400)		(392)
Amortization of unfavorable contract liabilities	(1,589)		(1,589)		(1,589)
Total management fees, net	$	27,149	$	24,998	$	23,439

_____________________________

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

Schedule of Franchise Fees

The following is a summary of franchise fees for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Franchise fees	$	39,755	$	35,769	$	32,714
Amortization of deferred income related to key money (1)	(31)		(31)		(31)
Total franchise fees, net	$	39,724	$	35,738	$	32,683

_____________________________

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Distributions Paid, Tax Basis

The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
	2024		2023		2022
Common Stock
Ordinary non-qualified income	$	0.320000	$	0.120000	$	0.044543
Qualified dividends	—		—		0.045457


	$	0.320000	$	0.120000	$	0.090000
Series A Preferred Stock
Ordinary non-qualified income	$	2.062500	$	2.062500	$	1.020772
Qualified dividends	—		—		1.041728


	$	2.062500	$	2.062500	$	2.062500

Schedule of Components of Income Tax Provision

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


	Year Ended December 31,
	2024		2023		2022
Current - Federal	$	279	$	(84)	$	901
State	1,711		1,376		2,487

Total current	1,990		1,292		3,388
Deferred - Federal	(253)		492		1,090
State	6		(486)		2,044

Change in valuation allowance	(202)		(981)		(3,915)
Total deferred	(449)		(975)		(781)
Income tax provision	$	1,541	$	317	$	2,607

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2024		2023		2022
Statutory federal tax provision	$	10,521	$	18,226	$	23,620
Tax impact of REIT election	(10,194)		(17,281)		(21,110)
State income tax provision, net of federal tax benefit	1,717		890		4,531



Change in valuation allowance	(202)		(981)		(3,915)
Permanent differences	(316)		(349)		(495)
Other	15		(188)		(24)
Income tax provision	$	1,541	$	317	$	2,607

Schedule of Deferred Tax Assets and Liabilities

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


	2024		2023
Federal
Net operating loss carryforwards	$	1,398	$	2,585
Deferred income	1,952		2,049

Other	440		407
Depreciation and amortization	(570)		(2,074)
Less: Valuation allowance	(1,653)		(1,766)
Federal - Deferred tax assets, net	$	1,567	$	1,201

State
Net operating loss carryforwards	$	8,525	$	8,921
Deferred income	528		553
Alternative minimum tax credit carryforwards	231		231
Other	130		120
Depreciation and amortization	(154)		(559)
Less: Valuation allowance	(8,164)		(8,253)
State - Deferred tax assets, net	$	1,096	$	1,013

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 295,808
2026	300,000
2027	0
2028	500,000
2029	0
Thereafter	0
Total debt	$ 1,095,808

Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Dividends Payable


Payment Date	Record Date	Dividend per Share/Unit




April 12, 2023	March 31, 2023	$	0.03
July 12, 2023	June 30, 2023	$	0.03
October 12, 2023	September 29, 2023	$	0.03
January 11, 2024	December 29, 2023	$	0.03
April 12, 2024	March 29, 2024	$	0.03
July 12, 2024	June 28, 2024	$	0.03
October 11, 2024	September 30, 2024	$	0.03
January 14, 2025	December 31, 2024	$	0.23

We have declared the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2024 and 2023, and through the date of this report:


Payment Date	Record Date	Dividend per Share
March 31, 2023	March 17, 2023	$	0.515625
June 30, 2023	June 20, 2023	$	0.515625
September 29, 2023	September 18, 2023	$	0.515625
December 29, 2023	December 18, 2023	$	0.515625
March 29, 2024	March 18, 2024	$	0.515625
June 28, 2024	June 18, 2024	$	0.515625
September 30, 2024	September 20, 2024	$	0.515625
December 31, 2024	December 20, 2024	$	0.515625

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 9.9
Valuation allowance	$ 9.8

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2022 to December 31, 2024 is as follows:


	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	1,443,295	$	9.46
Granted	438,070	9.55
Forfeited	(250,261)	9.43
Vested	(274,167)	9.56
Unvested balance at December 31, 2022	1,356,937	9.47
Granted	247,762	8.94
Forfeited	(21,184)	9.13
Vested	(382,822)	9.60
Unvested balance at December 31, 2023	1,200,693	9.33
Granted	361,920	8.66

Vested	(941,018)	9.35
Unvested balance at December 31, 2024	621,595	$	8.90

Schedule of Fair Value Assumptions

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


Award Grant Date	Volatility		Risk-Free Rate		Total Stockholder Return PSUs		Hotel Market Share PSUs
March 2, 2021	68.8	%	0.26	%	$	9.28	$	9.40
February 22, 2022	71.4	%	1.74	%	$	9.84	$	9.56
August 9, 2022	73.3	%	3.20	%	$	9.65	$	9.32
February 23, 2023	74.5	%	4.40	%	$	9.22	$	8.94
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, 2022 to December 31, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	969,240	$	9.45
Granted	407,570	9.66
Additional units from dividends	3,600	7.89
Vested (1)	(269,224)	10.14
Forfeited	(160,533)	9.34
Unvested balance at December 31, 2022	950,653	9.35
Granted	363,523	9.08
Additional units from dividends	17,886	8.35
Vested (2)	(299,766)	9.01

Unvested balance at December 31, 2023	1,032,296	9.34
Granted	364,799	8.36
Additional units from dividends	13,340	8.93
Vested (3)	(301,861)	9.32

Unvested balance at December 31, 2024	1,108,574	$	9.02

______________________

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

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

(3)The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.56% of the PSU Target Award.

Schedule of LTIP Units

A summary of our LTIP units from January 1, 2022 to December 31, 2024 is as follows:


	Number of Units	Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2022	135,388	$	10.22
Granted	71,084	9.32
Vested (1)	(108,422)	10.38

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

Unvested balance at December 31, 2023	314,137	9.01
Granted	97,477	8.72
Vested (1)	(271,487)	8.94
Unvested balance at December 31, 2024	140,127	$	9.85

______________________

(1)As of December 31, 2024, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Debt - Schedule of Debt Covenants (Details) - Senior Unsecured Credit Facility And Unsecured Term Loans	12 Months Ended
	Dec. 31, 2024
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.60
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45.00%
Unencumbered leverage ratio	60.00%
Unencumbered implied debt service coverage ratio	1.20
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.265
Minimum fixed charge coverage ratio	3.05
Secured recourse indebtedness	8.50%
Unencumbered leverage ratio	27.40%
Unencumbered implied debt service coverage ratio	2.75