0001511337-24-000013 | 10-Q | XBRL Viewer

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Hotel and other receivables, allowance	$ 270	$ 265
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	155,819,434	155,297,829
Common shares of beneficial interest, shares outstanding	155,819,434	155,297,829
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Fair Value Measurement

Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable:

•Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities.

•Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.

•Level 3 — Inputs are unobservable and corroborated by little or no market data.

Fair Value of Financial Instruments

The Company used the following market assumptions and/or estimation methods:

•Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities.

•Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 1 inputs in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy.

The fair value of the Company's debt was as follows (in thousands):


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	992,263	$	920,425	$	991,672	$	928,750
Revolver and Term Loans, net	821,914		822,158		821,443		817,960
Mortgage loans, net	407,656		397,217		407,663		394,458
Debt, net	$	2,221,833	$	2,139,800	$	2,220,778	$	2,141,168

Recurring Fair Value Measurements

The following table presents the Company’s fair value hierarchy for those financial assets measured at fair value on a recurring basis as of March 31, 2024 (in thousands):


	Fair Value at March 31, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	26,633	$	—	$	26,633

Total	$	—	$	26,633	$	—	$	26,633

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands):


	Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	25,419	$	—	$	25,419
Interest rate swap liability	—		(590)		—		(590)
Total	$	—	$	24,829	$	—	$	24,829

The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net (loss) income attributable to common shareholders used in the basic and diluted earnings per share calculations.

The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended

March 31, 2024 and 2023, since the limited partners’ share of income would also be added back to net (loss) income attributable to common shareholders.

The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data):


	For the three months ended March 31,
		2024		2023
Numerator:
Net income attributable to RLJ		$	4,937	$	10,645
Less: Preferred dividends		(6,279)		(6,279)
Less: Dividends paid on unvested restricted shares		(250)		(202)

Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares		$	(1,592)	$	4,164

Denominator:
Weighted-average number of common shares - basic		152,970,215		159,483,268
Unvested restricted shares		—		568,125
Unvested performance units		—		92,355
Weighted-average number of common shares - diluted		152,970,215		160,143,748

Net (loss) income per share attributable to common shareholders - basic		$	(0.01)	$	0.03

Net (loss) income per share attributable to common shareholders - diluted		$	(0.01)	$	0.03

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps

The following interest rate swaps have been designated as cash flow hedges (in thousands):


				Notional value at				Fair value at
Hedge type	Swap rate	Effective Date	Maturity Date	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Swap-cash flow-Daily SOFR	2.44%	January 2021	December 2023	$	—	$	75,000	$	—	$	—
Swap-cash flow-Daily SOFR	2.31%	January 2021	December 2023	—		75,000		—		—
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	50,000		50,000		305		827
Swap-cash flow-Daily SOFR	1.13%	April 2021	April 2024	50,000		50,000		302		819
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	50,000		50,000		306		829
Swap-cash flow-Daily SOFR	0.97%	April 2021	April 2024	50,000		50,000		313		849
Swap-cash flow-Daily SOFR	0.85%	April 2021	April 2024	25,000		25,000		161		436
Swap-cash flow-Daily SOFR	0.88%	April 2021	April 2024	25,000		25,000		160		434
Swap-cash flow-Daily SOFR	0.86%	April 2021	April 2024	25,000		25,000		161		436
Swap-cash flow-Daily SOFR	0.83%	April 2021	April 2024	25,000		25,000		162		439
Swap-cash flow-Term SOFR	4.37%	April 2023	April 2024	200,000		200,000		207		673
Swap-cash flow-Daily SOFR	0.77%	June 2020	December 2024	50,000		50,000		1,640		2,011
Swap-cash flow-Daily SOFR	0.63%	June 2020	December 2024	50,000		50,000		1,693		2,081
Swap-cash flow-Daily SOFR	1.16%	September 2021	September 2025	150,000		150,000		7,941		7,969
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	50,000		50,000		3,601		3,556
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		4,160		1,769
Swap-cash flow-Daily SOFR	2.85%	April 2024	April 2027	65,000		65,000		2,347		1,103
Swap-cash flow-Daily SOFR	2.75%	April 2024	April 2027	60,000		60,000		2,336		1,188
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		222		(254)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		399		(77)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		217		(259)
				$	1,125,000	$	1,275,000	$	26,633	$	24,829

Summary of Significant Accounting Policies (Details)	Mar. 31, 2024 joint_venture
Subsidiary or Equity Method Investee [Line Items]
Real Estate Interests, Number of Joint Ventures	1
Fifty Percent Owned [Member] \| Unconsolidated Properties [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity Method Investment, Ownership Percentage	50.00%

Supplemental Information to Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows


	For the three months ended March 31,
	2024		2023
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	350,237	$	474,332
Restricted cash reserves	40,721		31,244
Cash, cash equivalents, and restricted cash reserves	$	390,958	$	505,576

Interest paid	$	34,199	$	32,252

Income taxes paid	$	122	$	67

Operating cash flow lease payments for operating leases	$	3,882	$	4,344



Right-of-use asset and lease liability adjustments due to remeasurement	$	(1,221)	$	—

Right-of-use asset and lease liability reclassifications to land due to acquisition	$	1,187	$	—

Supplemental investing and financing transactions
In connection with the acquisition of land, the Company recorded the following:
Purchase price	$	125,000	$	—
Application of purchase deposit	(2,400)		—
Transaction costs	79		—

Acquisition, net	$	122,679	$	—








Supplemental non-cash transactions
Accrued capital expenditures	$	19,823	$	15,138

Debt (Mortgage Loans) (Details) $ in Thousands		1 Months Ended
Debt (Mortgage Loans) (Details) $ in Thousands	Apr. 09, 2024 USD ($)	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2019 increment	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) asset	Dec. 31, 2023 USD ($)
Debt
Mortgage loans, gross						$ 407,742	$ 407,833
Unamortized debt issuance costs on mortgage loans						$ (86)	(170)
Restricted Cash							38,700
Subsequent Event
Debt
Repayments of Secured Debt	$ (200,000)
Secured Debt
Debt
Number of Assets Encumbered \| asset						15
Secured Debt \| Fair Value, Inputs, Level 3
Debt
Secured Debt						$ 407,656	407,663
Secured Debt \| Wells Fargo 3
Debt
Number of Assets Encumbered \| asset						1
Secured Debt						$ 26,742	26,833
Interest Rate						5.06%
Debt Instrument, Fair Value Adjustment, Net						$ 1,700	1,800
Five Point Nine Four Percent Due April 2024 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset						7
Debt Instrument, Interest Rate, Stated Percentage						5.94%
Secured Debt						$ 200,000	200,000
Five Point Zero Three Percent Due April 2024 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset						3
Debt Instrument, Interest Rate, Stated Percentage						5.03%
Secured Debt						$ 96,000	96,000
Number of additional maturity terms \| increment				2
Additional maturity term				1 year
Five Point Zero Three Percent Due April 2024 [Member] \| Secured Debt \| Subsequent Event
Debt
Secured Debt					$ 181,000
Additional maturity term		1 year	1 year
Five Point Six One Percent Due April 2024 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset						4
Debt Instrument, Interest Rate, Stated Percentage						5.61%
Secured Debt						$ 85,000	$ 85,000

Equity Incentive Plan

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards.

Share Awards

From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures.

Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.

A summary of the unvested restricted shares as of March 31, 2024 is as follows:


	2024
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2024	2,305,303	$	13.52
Granted	720,317	11.70
Vested	(523,076)	12.82
Forfeited	(379)	9.88
Unvested at March 31, 2024	2,502,165	$	13.14

For the three months ended March 31, 2024 and 2023, the Company recognized approximately $4.2 million and $3.6 million, respectively, of share-based compensation expense related to restricted share awards. As of March 31, 2024, there was $17.2 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.1 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the three months ended March 31, 2024 and 2023 was approximately $6.1 million and $4.4 million, respectively.

Performance Units

The Company aligns its executive officers with its long-term investors by awarding a significant percentage of their equity compensation in the form of multi-year performance unit awards that use both absolute and relative total shareholder return as

the primary metrics. The performance units vest at the end of a three year period (the “performance units measurement period”).

The performance units granted in 2024 may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving a relative shareholder return over the measurement period at specified percentiles of the peer group, as defined by the awards. These performance units are subject to modification based on the Company's absolute total shareholder return performance as follows: (1) if at the end of the measurement period the relative total shareholder return performance exceeds target and absolute total shareholder return is less than zero, payouts will be reduced by 25%, but not below target and (2) if the absolute total shareholder return is down more than 15% during the entire measurement period, the maximum payout will be capped at 115% of target. The performance units granted prior to 2024 may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards.

At the end of the performance units measurement period, if the target criterion is met, 100% of the performance units that are earned will vest immediately. The fair value of the performance units was determined using a Monte Carlo simulation. The Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 100% of the grant date fair value over three years.

A summary of the performance unit awards granted prior to 2024 is as follows:


Date of Award	Number of Units Granted	Grant Date Fair Value	Conversion Range	Risk Free Interest Rate	Volatility

February 2021 (1)	431,151	$20.90	0% to 200%	0.23%	69.47%
February 2022	407,024	$21.96	0% to 200%	1.70%	70.15%
February 2023	574,846	$16.90	0% to 200%	4.33%	66.70%
February 2024	703,325	$15.13	0% to 200%	4.43%	35.6%

(1) In February 2024, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 253,000 restricted shares, all of which vested immediately. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the three months ended March 31, 2024 was approximately $3.0 million.

For the three months ended March 31, 2024 and 2023, the Company recognized approximately $2.3 million and $2.1 million, respectively, of share-based compensation expense related to the performance unit awards. As of March 31, 2024, there was $18.9 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.3 years.

As of March 31, 2024, there were 1,765,411 common shares available for future grant under the 2021 Plan, which includes potential common shares that may convert from performance units if certain target criterion is met.

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 324,410	$ 314,503
Expenses
Operating Costs and Expenses	213,477	200,994
Depreciation and amortization	44,679	44,996
Property tax, insurance and other	27,834	24,648
General and administrative	15,105	13,656
Transaction costs	14	20
Total operating expenses	301,109	284,314
Other income, net	3,191	849
Interest income	4,787	3,664
Interest expense	(26,458)	(24,130)
Income before equity in income from unconsolidated joint ventures	4,821	10,572
Equity in income from unconsolidated joint ventures	234	281
Income before income tax expense	5,055	10,853
Income tax expense	(309)	(339)
Net income	4,746	10,514
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership	2	(17)
Noncontrolling interest in consolidated joint ventures	189	148
Net income attributable to RLJ	4,937	10,645
Preferred dividends	(6,279)	(6,279)
Net (loss) income attributable to common shareholders	$ (1,342)	$ 4,366
Basic per common share data:
Net (loss) income per share attributable to common shareholders - basic	$ (0.01)	$ 0.03
Weighted-average number of common shares - basic (in shares)	152,970,215	159,483,268
Diluted per common share data:
Net (loss) income per share attributable to common shareholders - diluted	$ (0.01)	$ 0.03
Weighted-average number of common shares - diluted (in shares)	152,970,215	160,143,748
Comprehensive income:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 4,746	$ 10,514
Unrealized gain (loss) on interest rate derivatives	2,282	(6,416)
Comprehensive income	7,028	4,098
Noncontrolling interest in the Operating Partnership	2	(17)
Noncontrolling interest in consolidated joint ventures	189	148
Comprehensive income attributable to RLJ	7,219	4,229
Accumulated Other Comprehensive Income
Comprehensive income:
Unrealized gain (loss) on interest rate derivatives	2,282	(6,416)
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	266,630	260,832
Expenses
Operating Costs and Expenses	69,386	66,051
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	35,689	33,288
Expenses
Operating Costs and Expenses	28,627	26,137
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	22,091	20,383
Expenses
Operating Costs and Expenses	89,809	82,624
Management And Franchise Fee Expense
Expenses
Operating Costs and Expenses	$ 25,655	$ 26,182

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt
Amortization of deferred financing costs	$ 1,572	$ 1,474
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	482	482
Total Interest Expense	26,458	24,130
Senior Notes
Debt
Interest expense	9,688	9,688
Revolver and Term Loans
Debt
Interest expense	9,060	8,543
Secured Debt
Debt
Interest expense	$ 5,656	$ 3,943

- 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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

Subsequent Events (Details) - USD ($)			1 Months Ended
Subsequent Events (Details) - USD ($)	Apr. 09, 2024	Apr. 05, 2024	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2019	Apr. 30, 2024	Apr. 26, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event
Subsequent Event [Line Items]
Borrowings under Revolver		$ 200,000,000
Number of mortgage loans extended						2
Repayments of Secured Debt	$ 200,000,000
Subsequent Event \| 2024 Share Repurchase Program
Subsequent Event [Line Items]
Share repurchase program, authorized amount							$ 250,000,000
Five Point Zero Three Percent Due April 2024 [Member] \| Secured Debt
Subsequent Event [Line Items]
Additional maturity term					1 year
Secured Debt								$ 96,000,000	$ 96,000,000
Five Point Zero Three Percent Due April 2024 [Member] \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Additional maturity term			1 year	1 year
Secured Debt						$ 181,000,000

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss ("NOL"), capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when 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. The Company is still continuing to provide a full valuation allowance against the deferred tax assets related to the NOL carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's primary TRS. The Company had no accruals for tax uncertainties as of March 31, 2024 and December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 324,410	$ 314,503
Southern California
Disaggregation of Revenue [Line Items]
Revenues	37,907	35,719
South Florida
Disaggregation of Revenue [Line Items]
Revenues	49,332	46,286
Northern California
Disaggregation of Revenue [Line Items]
Revenues	40,953	40,263
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	12,155	12,320
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	13,079	13,249
New York City
Disaggregation of Revenue [Line Items]
Revenues	13,725	12,872
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	14,392	13,651
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	12,473	14,161
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	13,204	12,315
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	12,346	10,579
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	104,844	103,088
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	266,630	260,832
Room Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	30,542	28,931
Room Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,349	38,540
Room Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,737	34,812
Room Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,361	9,442
Room Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,391	12,507
Room Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,676	11,006
Room Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,371	11,599
Room Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,438	11,620
Room Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,270	8,154
Room Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,864	7,769
Room Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	87,631	86,452
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,689	33,288
Food and Beverage Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,226	3,872
Food and Beverage Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,859	5,424
Food and Beverage Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,309	3,463
Food and Beverage Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,117	2,208
Food and Beverage Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	138	187
Food and Beverage Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,363	1,204
Food and Beverage Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	912	889
Food and Beverage Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,192	1,613
Food and Beverage Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,117	3,393
Food and Beverage Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,608	2,022
Food and Beverage Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,848	9,013
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	22,091	20,383
Other Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,139	2,916
Other Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,124	2,322
Other Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,907	1,988
Other Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	677	670
Other Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	550	555
Other Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	686	662
Other Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,109	1,163
Other Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	843	928
Other Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	817	768
Other Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	874	788
Other Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 8,365	$ 7,623

General	3 Months Ended
General	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of March 31, 2024, there were 156,591,265 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units. As of March 31, 2024, the Company owned 97 hotel properties with approximately 21,400 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 95 of its hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. The Company consolidates its real estate interests in the 96 hotel properties in which it holds a controlling interest, and the Company records the real estate interest in the one hotel property in which it holds an indirect 50% non-controlling interest using the equity method of accounting. The Company leases 96 of the 97 hotel properties to its taxable REIT subsidiaries ("TRSs"), of which the Company owns a controlling financial interest.

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property hotel	Mar. 31, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements	59
Number of Real Estate Properties \| property	97
Number of Hotels Without Franchise Agreements	2
Minimum
Other Commitments
Franchise Agreements Term	1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue	2.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue	1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue	1.50%
Maximum
Other Commitments
Franchise Agreements Term	30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue	6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue	4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue	3.00%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold \| $	$ 15.8	$ 15.4

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 4,937	$ 10,645

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2024

Equity Incentive Plan

Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]

A summary of the performance unit awards granted prior to 2024 is as follows:


Date of Award	Number of Units Granted	Grant Date Fair Value	Conversion Range	Risk Free Interest Rate	Volatility

February 2021 (1)	431,151	$20.90	0% to 200%	0.23%	69.47%
February 2022	407,024	$21.96	0% to 200%	1.70%	70.15%
February 2023	574,846	$16.90	0% to 200%	4.33%	66.70%
February 2024	703,325	$15.13	0% to 200%	4.43%	35.6%

Restricted share awards

Equity Incentive Plan

Summary of the unvested restricted shares

A summary of the unvested restricted shares as of March 31, 2024 is as follows:


	2024
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2024	2,305,303	$	13.52
Granted	720,317	11.70
Vested	(523,076)	12.82
Forfeited	(379)	9.88
Unvested at March 31, 2024	2,502,165	$	13.14

- 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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Supplemental Information to Statements of Cash Flows

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)


	For the three months ended March 31,
	2024		2023
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	350,237	$	474,332
Restricted cash reserves	40,721		31,244
Cash, cash equivalents, and restricted cash reserves	$	390,958	$	505,576

Interest paid	$	34,199	$	32,252

Income taxes paid	$	122	$	67

Operating cash flow lease payments for operating leases	$	3,882	$	4,344



Right-of-use asset and lease liability adjustments due to remeasurement	$	(1,221)	$	—

Right-of-use asset and lease liability reclassifications to land due to acquisition	$	1,187	$	—

Supplemental investing and financing transactions
In connection with the acquisition of land, the Company recorded the following:
Purchase price	$	125,000	$	—
Application of purchase deposit	(2,400)		—
Transaction costs	79		—

Acquisition, net	$	122,679	$	—








Supplemental non-cash transactions
Accrued capital expenditures	$	19,823	$	15,138

Investment in Hotel Properties

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Investment in Hotel Properties

Investment in hotel properties consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Land and improvements	$	1,125,650	$	998,417
Buildings and improvements	4,133,900		4,117,210
Furniture, fixtures and equipment	812,236		798,410
	6,071,786		5,914,037
Accumulated depreciation	(1,822,445)		(1,777,821)
Investment in hotel properties, net	$	4,249,341	$	4,136,216

For the three months ended March 31, 2024 and 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.6 million and $45.0 million, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and debt obligations where lenders hold restricted cash due to cash trap events. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues for future capital expenditures (including the periodic replacement or refurbishment of FF&E). Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2024 and December 31, 2023, approximately $40.7 million and $38.7 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, and insurance. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of March 31, 2024, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three to 25 years. This number includes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 1.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024 and 2023, the Company incurred management fee expense of approximately $9.9 million and $10.8 million, respectively. Franchise Agreements As of March 31, 2024, 59 of the Company’s consolidated hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, two hotels are not operated with a hotel brand so they do not have franchise agreements. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee between 2.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.5% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024 and 2023, the Company incurred franchise fee expense of approximately $15.8 million and $15.4 million, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 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

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

The Company's debt consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Senior Notes, net	$	992,263	$	991,672
Revolver	—		—
Term Loans, net	821,914		821,443
Mortgage loans, net	407,656		407,663
Debt, net	$	2,221,833	$	2,220,778

Senior Notes

The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):


			Carrying Value at
	Interest Rate	Maturity Date	March 31, 2024		December 31, 2023
2029 Senior Notes (1)	4.00%	September 2029	$	500,000	$	500,000
2026 Senior Notes (1)	3.75%	July 2026	500,000		500,000
			1,000,000		1,000,000
Deferred financing costs, net			(7,737)		(8,328)
Total senior notes, net			$	992,263	$	991,672

(1)Requires payment of interest only through maturity.

The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership’s ability and,

in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay

dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These

limitations are subject to a number of exceptions and qualifications set forth in the indentures.

A summary of the various restrictive covenants for the Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

Yes

Revolver and Term Loans

The Company has the following unsecured credit agreements in place:

•$600.0 million revolving credit facility with a scheduled maturity date of May 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver");

•$400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025");

•$200.0 million term loan with a scheduled maturity date of January 31, 2026 and two one-year extension options if certain conditions are satisfied (the "$200 Million Term Loan Maturing 2026"); and

•$225.0 million term loan with a scheduled maturity date of May 10, 2026 and two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026").

The $400 Million Term Loan Maturing 2025, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans."

The Company's unsecured credit agreements consisted of the following (dollars in thousands):


			Carrying Value at
	Interest Rate at March 31, 2024 (1)	Maturity Date	March 31, 2024		December 31, 2023
Revolver (2)	—%	May 2027	$	—	$	—




$400 Million Term Loan Maturing 2025	4.48%	May 2025	400,000		400,000
$200 Million Term Loan Maturing 2026	4.82%	January 2026 (3)	200,000		200,000
$225 Million Term Loan Maturing 2026	2.97%	May 2026 (3)	225,000		225,000
			825,000		825,000
Deferred financing costs, net (4)			(3,086)		(3,557)
Total Revolver and Term Loans, net			$	821,914	$	821,443

(1)Interest rate at March 31, 2024 gives effect to interest rate hedges.

(2)There was $600.0 million of capacity on the Revolver at both March 31, 2024 and December 31, 2023. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to repay a $200.0 million maturing mortgage loan, reducing the remaining capacity on the Revolver to $400.0 million.

(3)This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions.

(4)Excludes $5.2 million and $5.6 million as of March 31, 2024 and December 31, 2023, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:

Covenant

Compliance

Leverage ratio (1)

<= 7.25x

Yes

Fixed charge coverage ratio (2)

>= 1.50x

Yes

Secured indebtedness ratio

<= 45.0%

Yes

Unencumbered indebtedness ratio

<= 60.0%

Yes

Unencumbered debt service coverage ratio

>= 2.00x

Yes

(1)Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements.

(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.

Mortgage Loans

The Company's mortgage loans consisted of the following (dollars in thousands):


						Carrying Value at
	Number of Assets Encumbered	Interest Rate at March 31, 2024		Maturity Date		March 31, 2024		December 31, 2023
Mortgage loan (1)	7	5.94%	(3)	April 2024	(4)	$	200,000	$	200,000
Mortgage loan (1)	3	5.03%	(3)	April 2024	(5)	96,000		96,000
Mortgage loan (1)	4	5.61%	(3)	April 2024	(5)	85,000		85,000
Mortgage loan (2)	1	5.06%		January 2029		26,742		26,833




	15					407,742		407,833
Deferred financing costs, net						(86)		(170)
Total mortgage loans, net						$	407,656	$	407,663

(1)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.

(2)Includes $1.7 million and $1.8 million at March 31, 2024 and December 31, 2023, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity.

(3)Interest rate at March 31, 2024 gives effect to interest rate hedges.

(4)In April 2024, the Company fully repaid this mortgage loan using a $200.0 million draw under its Revolver.

(5)This mortgage loan provides two one-year extension options, subject to certain conditions. In April 2024, the Company satisfied the conditions required to exercise the first one-year extension option on this mortgage loan to extend the maturity to April 2025, with a second one-year extension option still remaining.

Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At March 31, 2024, all mortgage loans exceeded the minimum debt yield or DSCR thresholds.

Interest Expense

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


	For the three months ended March 31,
		2024		2023
Senior Notes		$	9,688	$	9,688
Revolver and Term Loans		9,060		8,543
Mortgage loans		5,656		3,943
Amortization of deferred financing costs		1,572		1,474
Non-cash interest expense related to interest rate hedges		482		482
Total interest expense		$	26,458	$	24,130

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Income Taxes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Debt (Senior Notes, Term Loans, and Revolver) (Details)			3 Months Ended
Debt (Senior Notes, Term Loans, and Revolver) (Details)	Apr. 09, 2024 USD ($)	Apr. 05, 2024 USD ($)	Mar. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Debt
Unsecured Debt, Gross			$ 825,000,000	$ 825,000,000
Unamortized debt issuance costs on term loans			(3,086,000)	(3,557,000)
Debt, net			2,221,833,000	2,220,778,000
Deferred financing costs, net			$ (7,737,000)	(8,328,000)
Number of extension options \| option			2
Subsequent Event
Debt
Borrowings under Revolver		$ 200,000,000
Repayments of Secured Debt	$ (200,000,000)
Prepaid expenses and other assets
Debt
Debt Issuance Costs, Net			$ (5,200,000)	(5,600,000)
Secured Debt \| Fair Value, Inputs, Level 3
Debt
Secured Debt			407,656,000	407,663,000
Unsecured Debt
Debt
Unsecured Debt			821,914,000	821,443,000
Unsecured Debt \| Fair Value, Inputs, Level 3
Debt
Unsecured Debt			821,914,000	821,443,000
$500 Million Senior Notes Due 2029 \| Level 1
Debt
Long-term Debt, Gross			500,000,000	500,000,000
$500 Million Senior Notes Due 2026 \| Level 1
Debt
Long-term Debt, Gross			500,000,000	500,000,000
Senior Notes \| Level 1
Debt
Long-term Debt, Gross			1,000,000,000	1,000,000,000
Senior Notes
Debt
Long-term Debt, Gross			992,263,000	991,672,000
The Revolver \| Line of Credit
Debt
Unsecured Debt			$ 0	0
Interest Rate			0.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 600,000,000
Remaining borrowing capacity			$ 600,000,000
The Revolver \| Line of Credit \| Subsequent Event
Debt
Remaining borrowing capacity		$ 400,000,000
The Revolver \| Line of Credit \| Extension Option 1
Debt
Additional maturity term			1 year
The Revolver \| Line of Credit \| Extension Option 2
Debt
Additional maturity term			6 months
Number of extension options \| option			2
$500 Million Senior Notes Due 2029 \| Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			4.00%
$500 Million Senior Notes Due 2026 \| Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			3.75%
$400 Million Term Loan Maturing 2025 \| Unsecured Debt
Debt
Unsecured Debt			$ 400,000,000	400,000,000
Interest Rate			4.48%
Line of Credit Facility, Maximum Borrowing Capacity			$ 400,000,000
$200 Million Term Loan Maturing 2026
Debt
Additional maturity term			1 year
$200 Million Term Loan Maturing 2026 \| Unsecured Debt
Debt
Unsecured Debt			$ 200,000,000	200,000,000
Interest Rate			4.82%
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000,000
Additional maturity term			1 year
Number of extension options \| option			2
$225 Million Term Loan Maturing 2026 \| Unsecured Debt
Debt
Unsecured Debt			$ 225,000,000	$ 225,000,000
Interest Rate			2.97%
Line of Credit Facility, Maximum Borrowing Capacity			$ 225,000,000
Additional maturity term			1 year
Number of extension options \| option			2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property hotel	Mar. 31, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements \| hotel	96
Number of Real Estate Properties \| property	97
Minimum
Other Commitments
Management Agreement Term	3 years
Base Management Fee as Percentage of Hotel Revenues	1.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues	1.00%
Maximum
Other Commitments
Management Agreement Term	25 years
Base Management Fee as Percentage of Hotel Revenues	3.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues	7.00%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold \| $	$ 9.9	$ 10.8

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value of the Company's debt was as follows (in thousands):


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	992,263	$	920,425	$	991,672	$	928,750
Revolver and Term Loans, net	821,914		822,158		821,443		817,960
Mortgage loans, net	407,656		397,217		407,663		394,458
Debt, net	$	2,221,833	$	2,139,800	$	2,220,778	$	2,141,168

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s fair value hierarchy for those financial assets measured at fair value on a recurring basis as of March 31, 2024 (in thousands):


	Fair Value at March 31, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	26,633	$	—	$	26,633

Total	$	—	$	26,633	$	—	$	26,633

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands):


	Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	25,419	$	—	$	25,419
Interest rate swap liability	—		(590)		—		(590)
Total	$	—	$	24,829	$	—	$	24,829

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in the Annual Report. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC stayed the final climate rules pending the completion of judicial review of an Eighth Circuit challenge seeking to vacate the rules. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
Management Agreements	Management Agreements As of March 31, 2024, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three to 25 years. This number includes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 1.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024 and 2023, the Company incurred management fee expense of approximately $9.9 million and $10.8 million, respectively.
Franchise Agreements	Franchise Agreements As of March 31, 2024, 59 of the Company’s consolidated hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 35 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, two hotels are not operated with a hotel brand so they do not have franchise agreements. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee between 2.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.5% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three months ended March 31, 2024 and 2023, the Company incurred franchise fee expense of approximately $15.8 million and $15.4 million, respectively.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.
Earnings Per Share	Basic earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net (loss) income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2024 and 2023, since the limited partners’ share of income would also be added back to net (loss) income attributable to common shareholders.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//718/tableOfContent

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

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

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-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to fully repay a $200.0 million maturing mortgage loan. In April 2024, the Company satisfied the requirements for one-year extension options on $181.0 million in mortgage loans to extend the maturities to April 2025, with second one-year extension options still remaining on these two mortgage loans, which are subject to certain conditions. On April 26, 2024, the Company's board of trustees approved the 2024 Share Repurchase Program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2024 to May 8, 2025.

Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

The following interest rate swaps have been designated as cash flow hedges (in thousands):


				Notional value at				Fair value at
Hedge type	Swap rate	Effective Date	Maturity Date	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Swap-cash flow-Daily SOFR	2.44%	January 2021	December 2023	$	—	$	75,000	$	—	$	—
Swap-cash flow-Daily SOFR	2.31%	January 2021	December 2023	—		75,000		—		—
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	50,000		50,000		305		827
Swap-cash flow-Daily SOFR	1.13%	April 2021	April 2024	50,000		50,000		302		819
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	50,000		50,000		306		829
Swap-cash flow-Daily SOFR	0.97%	April 2021	April 2024	50,000		50,000		313		849
Swap-cash flow-Daily SOFR	0.85%	April 2021	April 2024	25,000		25,000		161		436
Swap-cash flow-Daily SOFR	0.88%	April 2021	April 2024	25,000		25,000		160		434
Swap-cash flow-Daily SOFR	0.86%	April 2021	April 2024	25,000		25,000		161		436
Swap-cash flow-Daily SOFR	0.83%	April 2021	April 2024	25,000		25,000		162		439
Swap-cash flow-Term SOFR	4.37%	April 2023	April 2024	200,000		200,000		207		673
Swap-cash flow-Daily SOFR	0.77%	June 2020	December 2024	50,000		50,000		1,640		2,011
Swap-cash flow-Daily SOFR	0.63%	June 2020	December 2024	50,000		50,000		1,693		2,081
Swap-cash flow-Daily SOFR	1.16%	September 2021	September 2025	150,000		150,000		7,941		7,969
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	50,000		50,000		3,601		3,556
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		4,160		1,769
Swap-cash flow-Daily SOFR	2.85%	April 2024	April 2027	65,000		65,000		2,347		1,103
Swap-cash flow-Daily SOFR	2.75%	April 2024	April 2027	60,000		60,000		2,336		1,188
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		222		(254)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		399		(77)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		217		(259)
				$	1,125,000	$	1,275,000	$	26,633	$	24,829

As of March 31, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $26.6 million and $25.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.6 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of March 31, 2024 and December 31, 2023, there was approximately $24.9 million and $22.7 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three month periods ended March 31, 2024 or 2023. For the three months ended March 31, 2024 and 2023, gains of approximately $6.6 million and $6.0 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $15.5 million of the unrealized gains included in accumulated other comprehensive income at March 31, 2024 is expected to be reclassified into earnings within the next 12 months

Derivatives and Hedging Activities (Details) - USD ($)	3 Months Ended
Derivatives and Hedging Activities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Rate Derivatives
Notional value	$ 1,125,000,000		$ 1,275,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633,000		24,829,000
Accumulated other comprehensive income	24,944,000		22,662,000
Amount of hedge ineffectiveness	$ 0	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest income	Interest income
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months	$ (15,500,000)
Interest rate swap \| Recurring
Interest Rate Derivatives
Interest rate swap liability			(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	26,633,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633,000		24,829,000
Interest rate swap \| Fair Value, Inputs, Level 2 [Member] \| Recurring
Interest Rate Derivatives
Interest rate swap liability			(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	26,633,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633,000		24,829,000
Designated as Hedging Instrument
Interest Rate Derivatives
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	6,600,000	$ 6,000,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value	0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		0
Interest rate	2.44%
Designated as Hedging Instrument \| Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value	$ 0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		0
Interest rate	2.31%
Designated as Hedging Instrument \| Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value	$ 150,000,000		150,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 7,941,000		7,969,000
Interest rate	1.16%
Designated as Hedging Instrument \| Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 305,000		827,000
Interest rate	1.08%
Designated as Hedging Instrument \| Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 302,000		819,000
Interest rate	1.13%
Designated as Hedging Instrument \| Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 306,000		829,000
Interest rate	1.08%
Designated as Hedging Instrument \| Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 313,000		849,000
Interest rate	0.97%
Designated as Hedging Instrument \| Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 161,000		436,000
Interest rate	0.85%
Designated as Hedging Instrument \| Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 160,000		434,000
Interest rate	0.88%
Designated as Hedging Instrument \| Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 161,000		436,000
Interest rate	0.86%
Designated as Hedging Instrument \| Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 162,000		439,000
Interest rate	0.83%
Designated as Hedging Instrument \| Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,640,000		2,011,000
Interest rate	0.77%
Designated as Hedging Instrument \| Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,693,000		2,081,000
Interest rate	0.63%
Designated as Hedging Instrument \| Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 3,601,000		3,556,000
Interest rate	0.56%
Designated as Hedging Instrument \| Interest Rate Swap, 4.37%
Interest Rate Derivatives
Notional value	$ 200,000,000		200,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 207,000		673,000
Interest rate	4.37%
Designated as Hedging Instrument \| Interest Rate Swap, 2.95%
Interest Rate Derivatives
Notional value	$ 125,000,000		125,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 4,160,000		1,769,000
Interest rate	2.95%
Designated as Hedging Instrument \| Interest Rate Swap, 2.75%
Interest Rate Derivatives
Notional value	$ 60,000,000		60,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 2,336,000		1,188,000
Interest rate	2.75%
Designated as Hedging Instrument \| Interest Rate Swap, 2.85%
Interest Rate Derivatives
Notional value	$ 65,000,000		65,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 2,347,000		1,103,000
Interest rate	2.85%
Designated as Hedging Instrument \| Interest Rate Swap, 3.70%
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest rate swap liability			(254,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 222,000
Interest rate	3.70%
Designated as Hedging Instrument \| Interest Rate Swap, 3.45%
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest rate swap liability			(77,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 399,000
Interest rate	3.45%
Designated as Hedging Instrument \| Interest Rate Swap, 3.71%
Interest Rate Derivatives
Notional value	$ 25,000,000		25,000,000
Interest rate swap liability			(259,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 217,000
Interest rate	3.71%
Prepaid expenses and other assets \| Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 26,600,000		25,400,000
Accounts payable and other liabilities \| Interest rate swap
Interest Rate Derivatives
Interest rate swap liability			$ (600,000)

General (Details)	3 Months Ended
General (Details)	Mar. 31, 2024 property room state shares
Sale of Stock
OP units outstanding (in units) \| shares	156,591,265
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.50%
Number of Real Estate Properties	97
Number of hotel rooms owned \| room	21,400
Number of states in which hotels owned by the entity are located \| state	23
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	95
Hotel property ownership interest (as a percent)	100.00%
Partially Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Partially Owned Properties [Member] \| Ninety Five Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	95.00%
Partially Owned Properties [Member] \| Fifty Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	50.00%
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Unconsolidated Properties [Member] \| Fifty Percent Owned [Member]
Sale of Stock
Equity Method Investment, Ownership Percentage	50.00%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	96

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 27, 2024 (the "Annual Report"), contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2023. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in the Annual Report. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC stayed the final climate rules pending the completion of judicial review of an Eighth Circuit challenge seeking to vacate the rules. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue


	For the three months ended March 31, 2024								For the three months ended March 31, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
South Florida	$	40,349	$	5,859	$	3,124	$	49,332	$	38,540	$	5,424	$	2,322	$	46,286
Northern California	34,737		4,309		1,907		40,953		34,812		3,463		1,988		40,263
Southern California	30,542		4,226		3,139		37,907		28,931		3,872		2,916		35,719
Houston	12,371		912		1,109		14,392		11,599		889		1,163		13,651
New York City	11,676		1,363		686		13,725		11,006		1,204		662		12,872
Louisville	8,270		4,117		817		13,204		8,154		3,393		768		12,315
Washington DC	12,391		138		550		13,079		12,507		187		555		13,249
Austin	10,438		1,192		843		12,473		11,620		1,613		928		14,161
Charleston	8,864		2,608		874		12,346		7,769		2,022		788		10,579
Chicago	9,361		2,117		677		12,155		9,442		2,208		670		12,320





Other	87,631		8,848		8,365		104,844		86,452		9,013		7,623		103,088
Total	$	266,630	$	35,689	$	22,091	$	324,410	$	260,832	$	33,288	$	20,383	$	314,503

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 4,746,000	$ 10,514,000
Adjustments to reconcile net income to cash flow provided by operating activities:
Depreciation and amortization	44,679,000	44,996,000
Amortization of deferred financing costs	1,572,000	1,474,000
Other amortization	1,466,000	1,086,000
Equity in income from unconsolidated joint ventures	(234,000)	(281,000)
Amortization of share-based compensation	6,434,000	5,692,000
Changes in assets and liabilities:
Hotel and other receivables, net	(591,000)	(2,650,000)
Prepaid expense and other assets	(24,434,000)	(4,782,000)
Accounts payable and other liabilities	(7,015,000)	(8,603,000)
Advance deposits and deferred revenue	3,859,000	4,135,000
Accrued interest	(9,715,000)	(9,563,000)
Net cash flow provided by operating activities	20,767,000	42,018,000
Cash flows from investing activities
Payments to Acquire Real Estate Held-for-investment	122,679,000	0
Improvements and additions to hotel properties and other assets	(33,794,000)	(32,634,000)
Increase (Decrease) in Purchase Deposit, Investing Activities	1,500,000	0
Net cash flow used in investing activities	(157,973,000)	(32,634,000)
Cash flows from financing activities
Borrowing on Term Loan	0	95,000,000
Repayments of Term Loans	0	(94,006,000)
Repurchase of common shares under share repurchase programs	(1,251,000)	(24,537,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(4,031,000)	(1,889,000)
Distributions on preferred shares	(6,279,000)	(6,279,000)
Distributions on common shares	(15,530,000)	(8,100,000)
Distributions on Operating Partnership units	(72,000)	(40,000)
Payments of deferred financing costs	0	(343,000)
Net cash flow used in financing activities	(27,163,000)	(40,194,000)
Net change in cash, cash equivalents, and restricted cash reserves	(164,369,000)	(30,810,000)
Cash, cash equivalents, and restricted cash reserves, beginning of year	555,327,000	536,386,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 390,958,000	$ 505,576,000

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	For the three months ended March 31, 2024								For the three months ended March 31, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
South Florida	$	40,349	$	5,859	$	3,124	$	49,332	$	38,540	$	5,424	$	2,322	$	46,286
Northern California	34,737		4,309		1,907		40,953		34,812		3,463		1,988		40,263
Southern California	30,542		4,226		3,139		37,907		28,931		3,872		2,916		35,719
Houston	12,371		912		1,109		14,392		11,599		889		1,163		13,651
New York City	11,676		1,363		686		13,725		11,006		1,204		662		12,872
Louisville	8,270		4,117		817		13,204		8,154		3,393		768		12,315
Washington DC	12,391		138		550		13,079		12,507		187		555		13,249
Austin	10,438		1,192		843		12,473		11,620		1,613		928		14,161
Charleston	8,864		2,608		874		12,346		7,769		2,022		788		10,579
Chicago	9,361		2,117		677		12,155		9,442		2,208		670		12,320





Other	87,631		8,848		8,365		104,844		86,452		9,013		7,623		103,088
Total	$	266,630	$	35,689	$	22,091	$	324,410	$	260,832	$	33,288	$	20,383	$	314,503

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Senior Notes, net	$	992,263	$	991,672
Revolver	—		—
Term Loans, net	821,914		821,443
Mortgage loans, net	407,656		407,663
Debt, net	$	2,221,833	$	2,220,778

Schedule of Senior Notes

The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):


			Carrying Value at
	Interest Rate	Maturity Date	March 31, 2024		December 31, 2023
2029 Senior Notes (1)	4.00%	September 2029	$	500,000	$	500,000
2026 Senior Notes (1)	3.75%	July 2026	500,000		500,000
			1,000,000		1,000,000
Deferred financing costs, net			(7,737)		(8,328)
Total senior notes, net			$	992,263	$	991,672

(1)Requires payment of interest only through maturity.

Schedule Of Debt Instrument Covenants

A summary of the various restrictive covenants for the Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

Yes

The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:

Covenant

Compliance

Leverage ratio (1)

<= 7.25x

Yes

Fixed charge coverage ratio (2)

>= 1.50x

Yes

Secured indebtedness ratio

<= 45.0%

Yes

Unencumbered indebtedness ratio

<= 60.0%

Yes

Unencumbered debt service coverage ratio

>= 2.00x

Yes

Schedule of Revolver and Term Loans

The Company's unsecured credit agreements consisted of the following (dollars in thousands):


			Carrying Value at
	Interest Rate at March 31, 2024 (1)	Maturity Date	March 31, 2024		December 31, 2023
Revolver (2)	—%	May 2027	$	—	$	—




$400 Million Term Loan Maturing 2025	4.48%	May 2025	400,000		400,000
$200 Million Term Loan Maturing 2026	4.82%	January 2026 (3)	200,000		200,000
$225 Million Term Loan Maturing 2026	2.97%	May 2026 (3)	225,000		225,000
			825,000		825,000
Deferred financing costs, net (4)			(3,086)		(3,557)
Total Revolver and Term Loans, net			$	821,914	$	821,443

(1)Interest rate at March 31, 2024 gives effect to interest rate hedges.

(3)This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions.

Schedule of mortgage loans

The Company's mortgage loans consisted of the following (dollars in thousands):


						Carrying Value at
	Number of Assets Encumbered	Interest Rate at March 31, 2024		Maturity Date		March 31, 2024		December 31, 2023
Mortgage loan (1)	7	5.94%	(3)	April 2024	(4)	$	200,000	$	200,000
Mortgage loan (1)	3	5.03%	(3)	April 2024	(5)	96,000		96,000
Mortgage loan (1)	4	5.61%	(3)	April 2024	(5)	85,000		85,000
Mortgage loan (2)	1	5.06%		January 2029		26,742		26,833




	15					407,742		407,833
Deferred financing costs, net						(86)		(170)
Total mortgage loans, net						$	407,656	$	407,663

(1)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.

(3)Interest rate at March 31, 2024 gives effect to interest rate hedges.

(4)In April 2024, the Company fully repaid this mortgage loan using a $200.0 million draw under its Revolver.

Schedule of Interest Expense Components

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


	For the three months ended March 31,
		2024		2023
Senior Notes		$	9,688	$	9,688
Revolver and Term Loans		9,060		8,543
Mortgage loans		5,656		3,943
Amortization of deferred financing costs		1,572		1,474
Non-cash interest expense related to interest rate hedges		482		482
Total interest expense		$	26,458	$	24,130

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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+ Details

Acquisition - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Asset Acquisition [Line Items]
Acquisition, net		$ 122,679	$ 0
Transaction costs	$ 200
Operating lease right of use asset		132,276		$ 136,140
Operating lease liability		$ 120,290		$ 122,588
Consideration transferred, net assets acquired and liabilities assumed	125,200
Wyndham Boston Beacon Hill
Schedule of Asset Acquisition [Line Items]
Acquisition, net	125,000
Operating lease right of use asset	1,300
Operating lease liability	$ 100

Debt (Covenants) (Details)	Mar. 31, 2024
$500 Million Term Loan Maturing 2026 \| Senior Notes
Debt
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio	150.00%
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio	0.65
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.45
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	1.5
Original Covenant
Debt
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.450
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	2.00
Leverage ratio	0.0725
Fixed charge coverage ratio	0.0150
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60.00%

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2022		12,879,475	162,003,533
Balance at Dec. 31, 2022	$ 2,428,646	$ 366,936	$ 1,620	$ 3,054,958	$ (1,049,441)	$ 40,591	$ 6,313	$ 7,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	10,645
Net income (loss)	10,514				10,645		17	(148)
Unrealized gain (loss) on interest rate derivatives	(6,416)					(6,416)
Issuance of restricted stock (in shares)			640,407
Issuance of restricted stock	0		$ 6	(6)
Amortization of share-based compensation	6,131			6,131
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(162,749)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,889)		$ (1)	(1,888)
Shares acquired as part of a share repurchase program	(24,537)		$ (24)	(24,513)
Shares acquired as part of a share repurchase program (in shares)			(2,401,853)
Forfeiture of restricted stock (in shares)			(1,554)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(12,930)				(12,864)		(66)
Balance (in shares) at Mar. 31, 2023		12,879,475	160,077,784
Balance at Mar. 31, 2023	2,393,240	$ 366,936	$ 1,601	3,034,682	(1,057,939)	34,175	6,264	7,521
Balance (in shares) at Dec. 31, 2023		12,879,475	155,297,829
Balance at Dec. 31, 2023	2,350,790	$ 366,936	$ 1,553	3,000,894	(1,055,183)	22,662	6,294	7,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	4,937				4,937
Net income (loss)	4,746				4,937		(2)	(189)
Unrealized gain (loss) on interest rate derivatives	2,282					2,282
Issuance of restricted stock (in shares)			973,365
Issuance of restricted stock	0		$ 9	(9)
Amortization of share-based compensation	6,981			6,981
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(345,870)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,031)		$ (3)	(4,028)
Shares acquired as part of a share repurchase program	(1,251)		$ (1)	(1,250)
Shares acquired as part of a share repurchase program (in shares)			(105,511)
Forfeiture of restricted stock (in shares)			(379)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(15,672)				(15,600)		(72)
Balance (in shares) at Mar. 31, 2024		12,879,475	155,819,434
Balance at Mar. 31, 2024	$ 2,337,566	$ 366,936	$ 1,558	$ 3,002,588	$ (1,072,125)	$ 24,944	$ 6,220	$ 7,445

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data):


	For the three months ended March 31,
		2024		2023
Numerator:
Net income attributable to RLJ		$	4,937	$	10,645
Less: Preferred dividends		(6,279)		(6,279)
Less: Dividends paid on unvested restricted shares		(250)		(202)

Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares		$	(1,592)	$	4,164

Denominator:
Weighted-average number of common shares - basic		152,970,215		159,483,268
Unvested restricted shares		—		568,125
Unvested performance units		—		92,355
Weighted-average number of common shares - diluted		152,970,215		160,143,748

Net (loss) income per share attributable to common shareholders - basic		$	(0.01)	$	0.03

Net (loss) income per share attributable to common shareholders - diluted		$	(0.01)	$	0.03

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the three months ended March 31, 2024 and 2023, the Company declared a cash dividend of $0.10 and $0.08 per common share, respectively. During the three months ended March 31, 2024, the Company repurchased and retired approximately 0.1 million common shares for approximately $1.3 million. As of March 31, 2024, the Company's share repurchase program approved in 2023 had a remaining capacity of $212.7 million. On April 26, 2024, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2024 to May 8, 2025 (the "2024 Share Repurchase Program"). During the three months ended March 31, 2023, the Company repurchased and retired approximately 2.4 million common shares for approximately $24.5 million. Series A Preferred Shares During the three months ended March 31, 2024 and 2023, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of March 31, 2024, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, net	$ 2,221,833	$ 2,220,778
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633	24,829
Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(26,633)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633	24,829
Interest rate swap liability		590
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	821,914	821,443
Level 1 \| Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Interest rate swap liability		0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,139,800	2,141,168
Fair Value, Inputs, Level 3 \| Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Interest rate swap liability		0
Fair Value, Inputs, Level 3 \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	821,914	821,443
Long-term Debt, Fair Value	822,158	817,960
Fair Value, Inputs, Level 3 \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt	407,656	407,663
Long-term Debt, Fair Value	397,217	394,458
Fair Value, Inputs, Level 2 [Member] \| Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(26,633)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	26,633	24,829
Interest rate swap liability		590
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	992,263	991,672
Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 920,425	$ 928,750

Acquisition

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Acquisition

On January 29, 2024, the Company acquired the fee simple interest in its Wyndham Boston Beacon Hill hotel property in Boston, Massachusetts, which was previously owned via a leasehold interest that was subject to a ground lease, for a purchase price of approximately $125.0 million. The acquisition was accounted for as an asset acquisition, whereby approximately $0.2 million of transaction costs were capitalized as part of the cost of the acquisition. The existing right-of-use asset of $1.3 million, lease liability of $0.1 million and $125.2 million cost of the acquisition were recorded as land in the accompanying consolidated balance sheet.

Investment in Hotel Properties (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

Investment in hotel properties consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Land and improvements	$	1,125,650	$	998,417
Buildings and improvements	4,133,900		4,117,210
Furniture, fixtures and equipment	812,236		798,410
	6,071,786		5,914,037
Accumulated depreciation	(1,822,445)		(1,777,821)
Investment in hotel properties, net	$	4,249,341	$	4,136,216

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35169
Entity Registrant Name	RLJ LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-4706509
Entity Address, Address Line One	7373 Wisconsin Avenue
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		155,900,602
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Trading Symbol	RLJ-A
Security Exchange Name	NYSE

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)		6,828,527
Other Disclosures
Shared-based compensation arrangement by share based payment award, absolute total shareholder return resulting in payout percentage cap		15.00%
Shared-based compensation arrangement by share based payment award, payout percentage cap		115.00%
Shared-based compensation arrangement by share based payment award, payout percentage reduction		25.00%
Shared-based compensation arrangement by share based payment award, absolute total shareholder return resulting in payout percentage reduction		0.0
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)		2,305,303
Granted (in shares)		720,317
Vested (in shares)		(523,076)
Forfeited (in shares)		(379)
Unvested at the end of the period (in shares)		2,502,165
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)		$ 13.52
Granted (in dollars per share)		11.70
Vested (in dollars per share)		12.82
Forfeited (in dollars per share)		9.88
Unvested at the end of the period (in dollars per share)		$ 13.14
Other Disclosures
Share-based compensation expense		$ 4.2	$ 3.6
Total unrecognized compensation costs		$ 17.2
Weighted-average period of recognition of unrecognized share-based compensation expense		2 years 1 month 6 days
Total fair value of shares vested		$ 6.1	4.4
Performance Units
Other Disclosures
Share-based compensation expense		2.3	$ 2.1
Total unrecognized compensation costs		$ 18.9
Weighted-average period of recognition of unrecognized share-based compensation expense		2 years 3 months 18 days
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	253,000				431,151
Other Disclosures
Total fair value of shares vested		$ 3.0
Performance-based vesting period		3 years
Percentage of grant date fair value to be recognized over three years		100.00%
Employee service share based compensation cost period of recognition		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return		25.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return		75.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share					$ 20.90
Fair value assumptions, risk free interest rate					0.23%
Fair value assumptions, expected volatility rate					69.47%
2022 Performance Shares
Summary of non-vested shares/units
Granted (in shares)				407,024
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 21.96
Fair value assumptions, risk free interest rate				1.70%
Fair value assumptions, expected volatility rate				70.15%
2021 Share Repurchase Program
Other Disclosures
Common shares available for future grant (in shares)		1,765,411
2023 Performance Shares
Summary of non-vested shares/units
Granted (in shares)			574,846
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 16.90
Fair value assumptions, risk free interest rate			4.33%
Fair value assumptions, expected volatility rate			66.70%
2024 Performance Shares [Domain]
Summary of non-vested shares/units
Granted (in shares)		703,325
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 15.13
Fair value assumptions, risk free interest rate		4.43%
Fair value assumptions, expected volatility rate		35.60%
2021 Equity Incentive Plan
Other Disclosures
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately		100.00%
Minimum \| 2021 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares		0.00%
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					0.00%
Minimum \| 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0.00%
Minimum \| 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			0.00%
Minimum \| 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		0.00%
Maximum \| 2021 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares		200.00%
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					200.00%
Maximum \| 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200.00%
Maximum \| 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			200.00%
Maximum \| 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		200.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss) Attributable to Parent	$ 4,937	$ 10,645
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)
Less: Dividends paid on unvested restricted shares	(250)	(202)
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (1,592)	$ 4,164
Denominator:
Weighted-average number of common shares - basic (in shares)	152,970,215	159,483,268
Unvested restricted shares (in shares)	0	568,125
Unvested performance units	0	92,355
Weighted-average number of common shares - diluted (in shares)	152,970,215	160,143,748
Net (loss) income per share attributable to common shareholders - basic	$ (0.01)	$ 0.03
Net (loss) income per share attributable to common shareholders - diluted	$ (0.01)	$ 0.03

Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Apr. 26, 2024 USD ($)
Equity, Class of Treasury Stock
Dividends \| $ / shares	$ 0.10	$ 0.08
Stock repurchased during the period, Value	$ 1,251	$ 24,537
Share repurchase program, remaining authorized amount	$ 212,700
Preferred Stock, Convertible, Conversion Ratio	0.2806
Limited Partners
Equity, Class of Treasury Stock
Partners' Capital Account, Units \| shares	771,831
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Dividends Per Share, Declared \| $ / shares	$ 0.4875	$ 0.4875
2023 Share Repurchase Program
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) \| shares	100,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) \| shares		2,400,000
Stock repurchased during the period, Value		$ 24,500
2024 Share Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock
Share repurchase program, authorized amount			$ 250,000

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($) property hotel	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 40,721	$ 38,652	$ 31,244
Number of Real Estate Properties \| property	97
Restricted Cash		$ 38,700
Number of real estate properties with manchise agreements \| hotel	35

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,125,650		$ 998,417
Buildings and improvements	4,133,900		4,117,210
Furniture, fixtures and equipment	812,236		798,410
Investment in hotel properties, gross	6,071,786		5,914,037
Accumulated depreciation	(1,822,445)		(1,777,821)
Investment in hotel properties, net	4,249,341		$ 4,136,216
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 44,600	$ 45,000

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 350,237	$ 474,332	$ 516,675
Restricted cash reserves	40,721	31,244	38,652
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	390,958	505,576	$ 555,327	$ 536,386
Interest paid	34,199	32,252
Income taxes paid	122	67
Operating Lease, Payments	3,882	4,344
Right-of-use asset and lease liability adjustments due to remeasurement	(1,221)	0
Right-of-use asset and lease liability reclassifications to land due to acquisition	1,187	0
In connection with the acquisition of land, the Company recorded the following:
Purchase price	125,000	0
Increase (Decrease) in Deposit Assets	(2,400)	0
Asset Acquisition, Consideration Transferred, Transaction Cost	79	0
Acquisition, net	122,679	0
Supplemental non-cash transactions
Accrued capital expenditures	$ 19,823	$ 15,138

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Investment in hotel properties, net	$ 4,249,341	$ 4,136,216
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	7,632	7,398
Cash and cash equivalents	350,237	516,675
Restricted cash reserves	40,721	38,652
Hotel and other receivables, net of allowance of $270 and $265, respectively	26,754	26,163
Operating lease right of use asset	132,276	136,140
Prepaid expense and other assets	82,896	58,051
Total assets	4,889,857	4,919,295
Liabilities and Equity
Debt, net	2,221,833	2,220,778
Accounts payable and other liabilities	138,634	147,819
Contract with Customer, Liability	36,140	32,281
Operating lease liability	120,290	122,588
Accrued interest	12,824	22,539
Distributions payable	22,570	22,500
Total liabilities	2,552,291	2,568,505
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at March 31, 2024 and December 31, 2023	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,819,434 and 155,297,829 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	1,558	1,553
Additional paid-in capital	3,002,588	3,000,894
Retained Earnings	(1,072,125)	(1,055,183)
Accumulated other comprehensive income	24,944	22,662
Total shareholders’ equity	2,323,901	2,336,862
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	6,220	6,294
Noncontrolling interest in consolidated joint ventures	7,445	7,634
Total noncontrolling interests	13,665	13,928
Total equity	2,337,566	2,350,790
Total liabilities and equity	$ 4,889,857	$ 4,919,295