0001511337-24-000033 | 10-Q | XBRL Viewer

Fair Value

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	993,445	$	951,880	$	991,672	$	928,750
Revolver and Term Loans, net	1,018,006		1,025,000		821,443		817,960
Mortgage loans, net	207,375		199,994		407,663		394,458
Debt, net	$	2,218,826	$	2,176,874	$	2,220,778	$	2,141,168

Recurring Fair Value Measurements

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 September 30, 2024 (in thousands):


	Fair Value at September 30, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	10,624	$	—	$	10,624
Interest rate swap liability	—		(907)		—		(907)
Total	$	—	$	9,717	$	—	$	9,717

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 September 30, 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

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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.
Management Agreements	Management Agreements As of September 30, 2024, 95 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 and nine months ended September 30, 2024, the Company incurred management fee expense of approximately $10.2 million and $31.4 million, respectively. For the three and nine months ended September 30, 2023, the Company incurred management fee expense of approximately $10.4 million and $32.3 million, respectively.
Franchise Agreements	Franchise Agreements As of September 30, 2024, 57 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, three 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 and nine months ended September 30, 2024, the Company incurred franchise fee expense of approximately $17.1 million and $51.4 million, respectively. For the three and nine months ended September 30, 2023, the Company incurred franchise fee expense of approximately $16.7 million and $50.2 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 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 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 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 and nine months ended September 30, 2024 and 2023, since the limited partners’ share of income would also be added back to net 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 385,384	$ 494,563	$ 516,675
Restricted cash reserves	38,958	35,807	38,652
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	424,342	530,370	$ 555,327	$ 536,386
Interest paid	86,921	76,935
Income taxes paid	2,097	1,910
Operating Lease, Payments	11,614	13,005
Right-of-use asset obtained in exchange for lease obligation	0	5,016
Right-of-use asset and lease liability adjustments due to remeasurement	(1,165)	0
Right-of-use asset and lease liability reclassifications to land due to acquisition	1,187	0
In connection with acquisitions, the Company recorded the following:
Purchase price	160,500	0
Increase (Decrease) in Deposit Assets	(2,400)	0
Asset Acquisition, Consideration Transferred, Transaction Cost	887	0
Operating prorations	(243)	0
Acquisitions, net	158,744	0
In connection with the sales of hotel properties, the Company recorded the following:
Sales prices	20,778	0
Transaction costs	(1,077)	(28)
Operating prorations	(159)	0
Proceeds from sales of hotel properties, net	19,542	28
Supplemental non-cash transactions
Accrued capital expenditures	$ 18,241	$ 13,645

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 62,680	$ 68,577
Adjustments to reconcile net income to cash flow provided by operating activities:
Gain (loss) on sale of hotel properties, net	8,301	(28)
Loss on extinguishment of indebtedness, net	129	169
Depreciation and amortization	134,045	134,648
Amortization of deferred financing costs	4,779	4,528
Non-cash lease expense and other amortization	4,210	3,662
Equity in income from unconsolidated joint ventures	(239)	(315)
Distributions of income from unconsolidated joint ventures	400	0
Amortization of share-based compensation	16,260	18,028
Changes in assets and liabilities:
Hotel and other receivables, net	(292)	(9,462)
Prepaid expense and other assets	(3,337)	8,388
Accounts payable and other liabilities	10,186	(1,175)
Advance deposits and deferred revenue	4,298	7,226
Accrued interest	(10,425)	(8,114)
Net cash flow provided by operating activities	214,393	226,188
Cash flows from investing activities
Acquisitions, net	158,744	0
Proceeds from sales of hotel properties, net	(19,542)	28
Improvements and additions to hotel properties and other assets	(107,048)	(101,980)
Net cash flow used in investing activities	(246,250)	(102,008)
Cash flows from financing activities
Borrowings under Revolver	200,000	0
Repayment of Revolver	100,000	0
Borrowings on Term Loans	500,000	320,000
Repayments of Term Loans	(400,000)	(318,662)
Repayment of mortgage loan	(200,000)	0
Repurchase of common shares under share repurchase programs	(18,995)	(66,783)
Repurchase of common shares to satisfy employee tax withholding requirements	(9,014)	(4,398)
Distributions on preferred shares	(18,836)	(18,836)
Distributions on common shares	(46,769)	(33,577)
Distributions on Operating Partnership units	(213)	(149)
Payments of deferred financing costs	(5,301)	(7,791)
Net cash flow used in financing activities	(99,128)	(130,196)
Net change in cash, cash equivalents, and restricted cash reserves	(130,985)	(6,016)
Cash, cash equivalents, and restricted cash reserves, beginning of year	555,327	536,386
Cash, cash equivalents, and restricted cash reserves, end of period	$ 424,342	$ 530,370

Supplemental Information to Statements of Cash Flows

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)


	For the nine months ended September 30,
	2024		2023
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	385,384	$	494,563
Restricted cash reserves	38,958		35,807
Cash, cash equivalents, and restricted cash reserves	$	424,342	$	530,370

Interest paid	$	86,921	$	76,935

Income taxes paid	$	2,097	$	1,910

Operating cash flow lease payments for operating leases	$	11,614	$	13,005

Right-of-use asset obtained in exchange for lease obligation	$	—	$	5,016

Right-of-use asset and lease liability adjustments due to remeasurement	$	(1,165)	$	—

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

Supplemental investing and financing transactions
In connection with acquisitions, the Company recorded the following:
Purchase prices	$	160,500	$	—
Application of purchase deposit	(2,400)		—
Transaction costs	887		—
Operating prorations	(243)		—
Acquisitions, net	$	158,744	$	—

In connection with the sales of hotel properties, the Company recorded the following:
Sales prices	$	20,778	$	—
Transaction costs	(1,077)		(28)
Operating prorations	(159)		—

Proceeds from sales of hotel properties, net	$	19,542	$	(28)

Supplemental non-cash transactions
Accrued capital expenditures	$	18,241	$	13,645

Supplemental Information to Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows


	For the nine months ended September 30,
	2024		2023
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	385,384	$	494,563
Restricted cash reserves	38,958		35,807
Cash, cash equivalents, and restricted cash reserves	$	424,342	$	530,370

Interest paid	$	86,921	$	76,935

Income taxes paid	$	2,097	$	1,910

Operating cash flow lease payments for operating leases	$	11,614	$	13,005

Right-of-use asset obtained in exchange for lease obligation	$	—	$	5,016

Right-of-use asset and lease liability adjustments due to remeasurement	$	(1,165)	$	—

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

Supplemental investing and financing transactions
In connection with acquisitions, the Company recorded the following:
Purchase prices	$	160,500	$	—
Application of purchase deposit	(2,400)		—
Transaction costs	887		—
Operating prorations	(243)		—
Acquisitions, net	$	158,744	$	—

In connection with the sales of hotel properties, the Company recorded the following:
Sales prices	$	20,778	$	—
Transaction costs	(1,077)		(28)
Operating prorations	(159)		—

Proceeds from sales of hotel properties, net	$	19,542	$	(28)

Supplemental non-cash transactions
Accrued capital expenditures	$	18,241	$	13,645

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the nine months ended September 30, 2024, the Company declared a cash dividend of $0.10 per common share in each of the first and second quarters of 2024 and a cash dividend of $0.15 per common share in the third quarter of 2024. During the nine months ended September 30, 2023, the Company declared a cash dividend of $0.08 per common share in each of the first and second quarters of 2023 and a cash dividend of $0.10 per common share in the third quarter of 2023. 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 nine months ended September 30, 2024, the Company repurchased and retired approximately 2.0 million common shares for approximately $19.0 million, of which $1.3 million was repurchased under a share repurchase program authorized by the Company’s board of trustees in 2023, which expired May 8, 2024, and $17.7 million was repurchased under the 2024 Share Repurchase Program. Subsequent to September 30, 2024, the Company repurchased and retired approximately 0.3 million common shares for approximately $3.0 million. As of November 7, 2024, the 2024 Share Repurchase Program had a remaining capacity of $229.3 million. During the nine months ended September 30, 2023, the Company repurchased and retired approximately 6.6 million common shares for approximately $66.8 million. Series A Preferred Shares During the nine months ended September 30, 2024 and 2023, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first, second and third quarters of 2024 and 2023. 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 September 30, 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.

Debt (Senior Notes, Term Loans, and Revolver) (Details)			9 Months Ended
Debt (Senior Notes, Term Loans, and Revolver) (Details)	Apr. 09, 2024 USD ($)	Apr. 05, 2024 USD ($)	Sep. 30, 2024 USD ($) option	Sep. 30, 2023 USD ($)	Sep. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Unsecured Debt, Gross			$ 1,025,000,000			$ 825,000,000
Unamortized debt issuance costs on term loans			(6,994,000)			(3,557,000)
Debt, net			2,218,826,000			2,220,778,000
Deferred financing costs, net			$ (6,555,000)			(8,328,000)
Additional maturity term			1 year
Number of extension options \| option			2
Borrowings under Revolver		$ 200,000,000	$ 200,000,000	$ 0
Repayments of Secured Debt	$ (200,000,000)
Repayment of Revolver			100,000,000	0
Repayments of Term Loans			400,000,000	318,662,000
Borrowings on Term Loans			500,000,000	$ 320,000,000
Prepaid expenses and other assets
Debt
Debt Issuance Costs, Net			(4,300,000)			(5,600,000)
Secured Debt \| Fair Value, Inputs, Level 3
Debt
Secured Debt			207,375,000			407,663,000
Unsecured Debt
Debt
Unsecured Debt			918,006,000			821,443,000
Unsecured Debt \| Fair Value, Inputs, Level 3
Debt
Unsecured Debt			1,018,006,000			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			993,445,000			991,672,000
The Revolver \| Line of Credit
Debt
Unsecured Debt			$ 100,000,000			0
Interest Rate			6.59%
Line of Credit Facility, Maximum Borrowing Capacity			$ 600,000,000.0
Remaining borrowing capacity			$ 500,000,000			600,000,000
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			$ 0			400,000,000
Line of Credit Facility, Maximum Borrowing Capacity			400,000,000
Repayments of Term Loans			400,000,000
$200 Million Term Loan Maturing 2026 \| Unsecured Debt
Debt
Unsecured Debt			$ 200,000,000			200,000,000
Interest Rate			6.55%
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			3.91%
Line of Credit Facility, Maximum Borrowing Capacity			$ 225,000,000.0
Additional maturity term			1 year
Number of extension options \| option			2
$500 Million Term Loan Maturing 2027 \| Unsecured Debt
Debt
Unsecured Debt			$ 500,000,000			$ 0
Interest Rate			4.82%
Line of Credit Facility, Maximum Borrowing Capacity			$ 500,000,000.0
Additional maturity term			1 year
Number of extension options \| option			2
Borrowings on Term Loans			$ 500,000,000
Debt Instrument, Fee Amount					$ 5,100,000

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 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	September 30, 2024		December 31, 2023		September 30, 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		—		827
Swap-cash flow-Daily SOFR	1.13%	April 2021	April 2024	—		50,000		—		819
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	—		50,000		—		829
Swap-cash flow-Daily SOFR	0.97%	April 2021	April 2024	—		50,000		—		849
Swap-cash flow-Daily SOFR	0.85%	April 2021	April 2024	—		25,000		—		436
Swap-cash flow-Daily SOFR	0.88%	April 2021	April 2024	—		25,000		—		434
Swap-cash flow-Daily SOFR	0.86%	April 2021	April 2024	—		25,000		—		436
Swap-cash flow-Daily SOFR	0.83%	April 2021	April 2024	—		25,000		—		439
Swap-cash flow-Term SOFR	4.37%	April 2023	April 2024	—		200,000		—		673
Swap-cash flow-Daily SOFR	0.77%	June 2020	December 2024	50,000		50,000		516		2,011
Swap-cash flow-Daily SOFR	0.63%	June 2020	December 2024	50,000		50,000		533		2,081
Swap-cash flow-Daily SOFR	1.16%	September 2021	September 2025	150,000		150,000		4,228		7,969
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	50,000		50,000		2,108		3,556
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		1,383		1,769
Swap-cash flow-Daily SOFR	2.85%	April 2024	April 2027	65,000		65,000		885		1,103
Swap-cash flow-Daily SOFR	2.75%	April 2024	April 2027	60,000		60,000		971		1,188
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		(231)		(254)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		(59)		(77)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		(236)		(259)
Swap-cash flow-Daily SOFR	3.20%	January 2025	January 2028	25,000		—		(40)		—
Swap-cash flow-Daily SOFR	3.40%	January 2025	January 2028	25,000		—		(184)		—
Swap-cash flow-Daily SOFR	3.30%	January 2025	January 2029	25,000		—		(157)		—
				$	700,000	$	1,275,000	$	9,717	$	24,829

As of September 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $10.6 million and $25.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.9 million and $0.6 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of September 30, 2024 and December 31, 2023, there was approximately $8.8 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 or nine month periods ended September 30, 2024 or 2023. For the three and nine

months ended September 30, 2024, gains of approximately $4.9 million and $16.3 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and nine months ended September 30, 2023, gains of approximately $8.3 million and $21.8 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $8.0 million of the unrealized gains included in accumulated other comprehensive income at September 30, 2024 is expected to be reclassified into earnings within the next 12 months

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss) Attributable to Parent	$ 20,602	$ 16,430	$ 62,645	$ 68,470
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(18,836)	(18,836)
Less: Dividends paid on unvested restricted shares	(242)	(243)	(657)	(642)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	0	(133)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 14,081	$ 9,908	$ 43,152	$ 48,859
Denominator:
Weighted-average number of common shares - basic (in shares)	153,070,639	154,563,284	153,226,734	156,805,643
Unvested restricted shares (in shares)	87,512	446,087	533,940	434,183
Unvested performance units	82,018	72,274	70,080	40,380
Weighted-average number of common shares - diluted (in shares)	153,240,169	155,081,645	153,830,754	157,280,206
Net income per share attributable to common shareholders - basic	$ 0.09	$ 0.06	$ 0.28	$ 0.31
Net income per share attributable to common shareholders - diluted	$ 0.09	$ 0.06	$ 0.28	$ 0.31

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2024		December 31, 2023		September 30, 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		—		827
Swap-cash flow-Daily SOFR	1.13%	April 2021	April 2024	—		50,000		—		819
Swap-cash flow-Daily SOFR	1.08%	April 2021	April 2024	—		50,000		—		829
Swap-cash flow-Daily SOFR	0.97%	April 2021	April 2024	—		50,000		—		849
Swap-cash flow-Daily SOFR	0.85%	April 2021	April 2024	—		25,000		—		436
Swap-cash flow-Daily SOFR	0.88%	April 2021	April 2024	—		25,000		—		434
Swap-cash flow-Daily SOFR	0.86%	April 2021	April 2024	—		25,000		—		436
Swap-cash flow-Daily SOFR	0.83%	April 2021	April 2024	—		25,000		—		439
Swap-cash flow-Term SOFR	4.37%	April 2023	April 2024	—		200,000		—		673
Swap-cash flow-Daily SOFR	0.77%	June 2020	December 2024	50,000		50,000		516		2,011
Swap-cash flow-Daily SOFR	0.63%	June 2020	December 2024	50,000		50,000		533		2,081
Swap-cash flow-Daily SOFR	1.16%	September 2021	September 2025	150,000		150,000		4,228		7,969
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	50,000		50,000		2,108		3,556
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		1,383		1,769
Swap-cash flow-Daily SOFR	2.85%	April 2024	April 2027	65,000		65,000		885		1,103
Swap-cash flow-Daily SOFR	2.75%	April 2024	April 2027	60,000		60,000		971		1,188
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		(231)		(254)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		(59)		(77)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		(236)		(259)
Swap-cash flow-Daily SOFR	3.20%	January 2025	January 2028	25,000		—		(40)		—
Swap-cash flow-Daily SOFR	3.40%	January 2025	January 2028	25,000		—		(184)		—
Swap-cash flow-Daily SOFR	3.30%	January 2025	January 2029	25,000		—		(157)		—
				$	700,000	$	1,275,000	$	9,717	$	24,829

Sale of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of property disposed of during period

During the nine months ended September 30, 2024, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $20.8 million.

Hotel Property Name

Location

Sale Date

Rooms

Residence Inn Merrillville

Merrillville, IN

May 21, 2024

Fairfield Inn & Suites Denver Cherry Creek

Denver, CO

September 9, 2024

134

Total

212

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Investment in Hotel Properties

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Investment in Hotel Properties

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


	September 30, 2024		December 31, 2023
Land and improvements	$	1,129,190	$	998,417
Buildings and improvements	4,186,098		4,117,210
Furniture, fixtures and equipment	839,541		798,410
	6,154,829		5,914,037
Accumulated depreciation	(1,897,630)		(1,777,821)
Investment in hotel properties, net	$	4,257,199	$	4,136,216

For the three and nine months ended September 30, 2024, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.9 million and $133.9 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.7 million and $134.6 million, respectively.

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt
Amortization of deferred financing costs	$ 1,663	$ 1,564	$ 4,779	$ 4,528
Non-cash interest expense related to interest rate hedges	386	482	1,287	1,446
Total Interest Expense	28,643	24,833	83,150	73,506
Senior Notes
Debt
Interest expense	9,695	9,695	29,070	29,070
Revolver and Term Loans
Debt
Interest expense	14,228	7,365	37,075	23,176
Secured Debt
Debt
Interest expense	$ 2,671	$ 5,727	$ 10,939	$ 15,286

- Definition

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

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+ Details

- Definition

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

+ References + Details

General (Details)	9 Months Ended
General (Details)	Sep. 30, 2024 property room state shares
Sale of Stock
OP units outstanding (in units) \| shares	154,400,488
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	96
Number of hotel rooms owned \| room	21,300
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	94
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	95
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	95

Debt (Covenants) (Details)	Sep. 30, 2024
$500 Million Senior Note 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	7.25
Fixed charge coverage ratio	1.50
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60.00%

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company recognized revenue from the following geographic markets (in thousands):


	For the three months ended September 30, 2024								For the three months ended September 30, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Southern California	$	40,220	$	5,602	$	4,656	$	50,478	$	37,507	$	4,177	$	4,068	$	45,752
Northern California	36,850		2,838		2,104		41,792		38,573		3,651		2,041		44,265
South Florida	20,245		4,365		2,890		27,500		20,256		4,219		2,557		27,032
New York City	18,660		2,638		992		22,290		18,162		2,224		908		21,294
Chicago	18,432		2,491		880		21,803		18,204		2,450		854		21,508
Boston	15,948		1,129		657		17,734		14,931		880		420		16,231
Louisville	9,808		5,090		1,011		15,909		8,749		5,075		872		14,696
Washington, DC	14,144		300		695		15,139		14,256		323		561		15,140
Houston	10,987		728		1,084		12,799		10,172		742		1,164		12,078
Charleston	8,578		2,289		965		11,832		8,687		1,823		994		11,504





Other	89,742		9,513		9,213		108,468		87,591		8,617		8,698		104,906
Total	$	283,614	$	36,983	$	25,147	$	345,744	$	277,088	$	34,181	$	23,137	$	334,406


	For the nine months ended September 30, 2024								For the nine months ended September 30, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Southern California	$	106,601	$	14,850	$	11,807	$	133,258	$	99,007	$	11,928	$	10,609	$	121,544
Northern California	106,649		10,564		6,026		123,239		108,832		10,676		6,059		125,567
South Florida	87,883		15,634		8,879		112,396		86,311		15,126		7,290		108,727
New York City	49,339		7,090		2,613		59,042		46,768		6,262		2,478		55,508
Chicago	44,651		7,227		2,649		54,527		44,898		7,388		2,442		54,728
Louisville	32,211		14,270		2,823		49,304		29,844		12,605		2,810		45,259
Washington, DC	44,693		853		2,035		47,581		44,687		1,023		1,824		47,534

Boston	39,538		3,335		1,398		44,271		36,221		2,890		1,164		40,275
Houston	35,603		2,455		3,519		41,577		34,072		2,341		3,508		39,921
Charleston	29,682		8,094		2,801		40,577		27,629		6,101		3,020		36,750




Other	277,046		29,143		27,490		333,679		275,147		29,261		25,648		330,056
Total	$	853,896	$	113,515	$	72,040	$	1,039,451	$	833,416	$	105,601	$	66,852	$	1,005,869

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The Company recognized revenue from the following geographic markets (in thousands):


	For the three months ended September 30, 2024								For the three months ended September 30, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Southern California	$	40,220	$	5,602	$	4,656	$	50,478	$	37,507	$	4,177	$	4,068	$	45,752
Northern California	36,850		2,838		2,104		41,792		38,573		3,651		2,041		44,265
South Florida	20,245		4,365		2,890		27,500		20,256		4,219		2,557		27,032
New York City	18,660		2,638		992		22,290		18,162		2,224		908		21,294
Chicago	18,432		2,491		880		21,803		18,204		2,450		854		21,508
Boston	15,948		1,129		657		17,734		14,931		880		420		16,231
Louisville	9,808		5,090		1,011		15,909		8,749		5,075		872		14,696
Washington, DC	14,144		300		695		15,139		14,256		323		561		15,140
Houston	10,987		728		1,084		12,799		10,172		742		1,164		12,078
Charleston	8,578		2,289		965		11,832		8,687		1,823		994		11,504





Other	89,742		9,513		9,213		108,468		87,591		8,617		8,698		104,906
Total	$	283,614	$	36,983	$	25,147	$	345,744	$	277,088	$	34,181	$	23,137	$	334,406


	For the nine months ended September 30, 2024								For the nine months ended September 30, 2023
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Southern California	$	106,601	$	14,850	$	11,807	$	133,258	$	99,007	$	11,928	$	10,609	$	121,544
Northern California	106,649		10,564		6,026		123,239		108,832		10,676		6,059		125,567
South Florida	87,883		15,634		8,879		112,396		86,311		15,126		7,290		108,727
New York City	49,339		7,090		2,613		59,042		46,768		6,262		2,478		55,508
Chicago	44,651		7,227		2,649		54,527		44,898		7,388		2,442		54,728
Louisville	32,211		14,270		2,823		49,304		29,844		12,605		2,810		45,259
Washington, DC	44,693		853		2,035		47,581		44,687		1,023		1,824		47,534

Boston	39,538		3,335		1,398		44,271		36,221		2,890		1,164		40,275
Houston	35,603		2,455		3,519		41,577		34,072		2,341		3,508		39,921
Charleston	29,682		8,094		2,801		40,577		27,629		6,101		3,020		36,750




Other	277,046		29,143		27,490		333,679		275,147		29,261		25,648		330,056
Total	$	853,896	$	113,515	$	72,040	$	1,039,451	$	833,416	$	105,601	$	66,852	$	1,005,869

- 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
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+ Details

Fair Value (Tables)

9 Months Ended

Sep. 30, 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):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	993,445	$	951,880	$	991,672	$	928,750
Revolver and Term Loans, net	1,018,006		1,025,000		821,443		817,960
Mortgage loans, net	207,375		199,994		407,663		394,458
Debt, net	$	2,218,826	$	2,176,874	$	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 and liabilities measured at fair value on a recurring basis as of September 30, 2024 (in thousands):


	Fair Value at September 30, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	10,624	$	—	$	10,624
Interest rate swap liability	—		(907)		—		(907)
Total	$	—	$	9,717	$	—	$	9,717

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

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2024 USD ($) property hotel	Dec. 31, 2023 USD ($)	Sep. 30, 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	$ 38,958	$ 38,652	$ 35,807
Number of Real Estate Properties \| property	96
Restricted Cash		$ 38,700
Number of real estate properties with manchise agreements \| hotel	35

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 20,602	$ 16,430	$ 62,645	$ 68,470

- Definition

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

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-Paragraph 28
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Hotel and other receivables, allowance	$ 294	$ 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	153,628,657	155,297,829
Common shares of beneficial interest, shares outstanding	153,628,657	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

Equity (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Nov. 07, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Apr. 26, 2024 USD ($)
Equity, Class of Treasury Stock
Dividends \| $ / shares		$ 0.15	$ 0.10	$ 0.10	$ 0.10	$ 0.08	$ 0.08
Common shares repurchased and retired (in shares) \| shares								2,000,000	6,600,000
Stock repurchased during the period, Value		$ 14,803			$ 14,802			$ 18,995	$ 66,783
Preferred Stock, Convertible, Conversion Ratio		0.2806						0.2806
Limited Partners
Equity, Class of Treasury Stock
Partners' Capital Account, Units \| shares		771,831						771,831
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		5.00%						5.00%
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Dividends Per Share, Declared \| $ / shares		$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875
Subsequent Event
Equity, Class of Treasury Stock
Share repurchase program, remaining authorized amount	$ 229,300
2023 Share Repurchase Program
Equity, Class of Treasury Stock
Stock repurchased during the period, Value								$ 1,300
2024 Share Repurchase Program
Equity, Class of Treasury Stock
Share repurchase program, authorized amount										$ 250,000
Stock repurchased during the period, Value								$ 17,700
2024 Share Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) \| shares	300,000
Stock repurchased during the period, Value	$ 3,000

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 345,744	$ 334,406	$ 1,039,451	$ 1,005,869
Expenses
Operating Costs and Expenses	223,595	213,539	661,898	626,387
Depreciation and amortization	44,892	44,727	134,045	134,648
Property tax, insurance and other	24,156	26,936	80,743	76,268
General and administrative	12,781	14,747	41,826	43,030
Transaction costs	209	2	299	26
Total operating expenses	305,633	299,951	918,811	880,359
Other income, net	791	1,921	4,669	3,506
Interest income	4,286	5,302	13,191	13,977
Interest expense	(28,643)	(24,833)	(83,150)	(73,506)
Gain (loss) on sale of hotel properties, net	4,755	16	8,301	(28)
Loss on extinguishment of indebtedness, net	(129)	0	(129)	(169)
Income before equity in (loss) income from unconsolidated joint ventures	21,171	16,861	63,522	69,290
Equity in (loss) income from unconsolidated joint ventures	(149)	(186)	239	315
Income before income tax expense	21,022	16,675	63,761	69,605
Income tax expense	(379)	(332)	(1,081)	(1,028)
Net income	20,643	16,343	62,680	68,577
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership	(49)	(50)	(216)	(238)
Noncontrolling interest in consolidated joint ventures	8	137	181	131
Net income attributable to RLJ	20,602	16,430	62,645	68,470
Preferred dividends	(6,279)	(6,279)	(18,836)	(18,836)
Net income attributable to common shareholders	$ 14,323	$ 10,151	$ 43,809	$ 49,634
Basic per common share data:
Net income per share attributable to common shareholders - basic	$ 0.09	$ 0.06	$ 0.28	$ 0.31
Weighted-average number of common shares - basic (in shares)	153,070,639	154,563,284	153,226,734	156,805,643
Diluted per common share data:
Net income per share attributable to common shareholders - diluted	$ 0.09	$ 0.06	$ 0.28	$ 0.31
Weighted-average number of common shares - diluted (in shares)	153,240,169	155,081,645	153,830,754	157,280,206
Comprehensive income:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 20,643	$ 16,343	$ 62,680	$ 68,577
Unrealized gain (loss) on interest rate derivatives	(13,336)	(2,180)	(13,827)	(1,038)
Comprehensive income	7,307	14,163	48,853	67,539
Noncontrolling interest in the Operating Partnership	(49)	(50)	(216)	(238)
Noncontrolling interest in consolidated joint ventures	8	137	181	131
Comprehensive income attributable to RLJ	7,266	14,250	48,818	67,432
Accumulated Other Comprehensive Income
Comprehensive income:
Unrealized gain (loss) on interest rate derivatives	(13,336)	(2,180)	(13,827)	(1,038)
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	283,614	277,088	853,896	833,416
Expenses
Operating Costs and Expenses	74,558	71,278	217,885	207,662
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	36,983	34,181	113,515	105,601
Expenses
Operating Costs and Expenses	29,348	27,430	88,279	81,604
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	25,147	23,137	72,040	66,852
Expenses
Operating Costs and Expenses	92,350	87,736	272,951	254,567
Management And Franchise Fee Expense
Expenses
Operating Costs and Expenses	$ 27,339	$ 27,095	$ 82,783	$ 82,554

Income Taxes (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 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 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%	35.60%

(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 nine months ended September 30, 2024 was approximately $3.0 million.

Restricted share awards

Equity Incentive Plan

Summary of the unvested restricted shares

A summary of the unvested restricted shares as of September 30, 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	925,731	11.57
Vested	(1,590,325)	14.24
Forfeited	(25,541)	11.22
Unvested at September 30, 2024	1,615,168	$	11.73

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,129,190		$ 1,129,190		$ 998,417
Buildings and improvements	4,186,098		4,186,098		4,117,210
Furniture, fixtures and equipment	839,541		839,541		798,410
Investment in hotel properties, gross	6,154,829		6,154,829		5,914,037
Accumulated depreciation	(1,897,630)		(1,897,630)		(1,777,821)
Investment in hotel properties, net	4,257,199		4,257,199		$ 4,136,216
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 44,900	$ 44,700	$ 133,900	$ 134,600

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property hotel	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property hotel	Sep. 30, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements	57		57
Number of Real Estate Properties \| property	96		96
Number of Hotels Without Franchise Agreements	3		3
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 \| $	$ 17.1	$ 16.7	$ 51.4	$ 50.2

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		153,307,887
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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

Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net 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 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 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 and nine months ended September 30, 2024 and 2023, since the limited partners’ share of income would also be added back to net 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 September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to RLJ	$	20,602	$	16,430	$	62,645	$	68,470
Less: Preferred dividends	(6,279)		(6,279)		(18,836)		(18,836)
Less: Dividends paid on unvested restricted shares	(242)		(243)		(657)		(642)
Less: Undistributed earnings attributable to unvested restricted shares	—		—		—		(133)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	14,081	$	9,908	$	43,152	$	48,859

Denominator:
Weighted-average number of common shares - basic	153,070,639		154,563,284		153,226,734		156,805,643
Unvested restricted shares	87,512		446,087		533,940		434,183
Unvested performance units	82,018		72,274		70,080		40,380
Weighted-average number of common shares - diluted	153,240,169		155,081,645		153,830,754		157,280,206

Net income per share attributable to common shareholders - basic	$	0.09	$	0.06	$	0.28	$	0.31

Net income per share attributable to common shareholders - diluted	$	0.09	$	0.06	$	0.28	$	0.31

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 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 September 30, 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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

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

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

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

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

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

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

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

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

+ Details

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

General	9 Months Ended
General	Sep. 30, 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 September 30, 2024, there were 154,400,488 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 September 30, 2024, the Company owned 96 hotel properties with approximately 21,300 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 94 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 95 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 95 of the 96 hotel properties to its taxable REIT subsidiaries ("TRSs"), of which the Company owns a controlling financial interest.

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property hotel	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property hotel	Sep. 30, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements \| hotel	95		95
Number of Real Estate Properties \| property	96		96
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 \| $	$ 10.2	$ 10.4	$ 31.4	$ 32.3

Derivatives and Hedging Activities (Details) - USD ($)	3 Months Ended		9 Months Ended
Derivatives and Hedging Activities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Interest Rate Derivatives
Notional value	$ 700,000,000		$ 700,000,000		$ 1,275,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717,000		9,717,000		24,829,000
Accumulated other comprehensive income	8,835,000		8,835,000		22,662,000
Amount of hedge ineffectiveness	$ 0	$ 0	$ 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	Interest income	Interest income
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months	$ (8,000,000.0)		$ (8,000,000.0)
Interest rate swap \| Recurring
Interest Rate Derivatives
Interest rate swap liability	(907,000)		(907,000)		(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	10,624,000		10,624,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717,000		9,717,000		24,829,000
Interest rate swap \| Fair Value, Inputs, Level 2 [Member] \| Recurring
Interest Rate Derivatives
Interest rate swap liability	(907,000)		(907,000)		(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	10,624,000		10,624,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717,000		9,717,000		24,829,000
Designated as Hedging Instrument
Interest Rate Derivatives
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	4,900,000	$ 8,300,000	16,300,000	$ 21,800,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.44% [Member]
Interest Rate Derivatives
Notional value	0		0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		0
Interest rate	2.44%		2.44%
Designated as Hedging Instrument \| Interest Rate Swap, 2.31% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		0
Interest rate	2.31%		2.31%
Designated as Hedging Instrument \| Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value	$ 150,000,000		$ 150,000,000		150,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 4,228,000		$ 4,228,000		7,969,000
Interest rate	1.16%		1.16%
Designated as Hedging Instrument \| Interest Rate Swap, 1.08% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		827,000
Interest rate	1.08%		1.08%
Designated as Hedging Instrument \| Interest Rate Swap, 1.13% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		819,000
Interest rate	1.13%		1.13%
Designated as Hedging Instrument \| Interest Rate Swap, 1.08% #2 [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		829,000
Interest rate	1.08%		1.08%
Designated as Hedging Instrument \| Interest Rate Swap, 0.97% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		849,000
Interest rate	0.97%		0.97%
Designated as Hedging Instrument \| Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		436,000
Interest rate	0.85%		0.85%
Designated as Hedging Instrument \| Interest Rate Swap, 0.88% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		434,000
Interest rate	0.88%		0.88%
Designated as Hedging Instrument \| Interest Rate Swap, 0.86% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		436,000
Interest rate	0.86%		0.86%
Designated as Hedging Instrument \| Interest Rate Swap, 0.83% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		439,000
Interest rate	0.83%		0.83%
Designated as Hedging Instrument \| Interest Rate Swap, 0.77% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 516,000		$ 516,000		2,011,000
Interest rate	0.77%		0.77%
Designated as Hedging Instrument \| Interest Rate Swap, 0.63% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 533,000		$ 533,000		2,081,000
Interest rate	0.63%		0.63%
Designated as Hedging Instrument \| Interest Rate Swap, 0.56% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 2,108,000		$ 2,108,000		3,556,000
Interest rate	0.56%		0.56%
Designated as Hedging Instrument \| Interest Rate Swap, 4.37%
Interest Rate Derivatives
Notional value	$ 0		$ 0		200,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		673,000
Interest rate	4.37%		4.37%
Designated as Hedging Instrument \| Interest Rate Swap, 2.95%
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,383,000		$ 1,383,000		1,769,000
Interest rate	2.95%		2.95%
Designated as Hedging Instrument \| Interest Rate Swap, 2.75%
Interest Rate Derivatives
Notional value	$ 60,000,000		$ 60,000,000		60,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 971,000		$ 971,000		1,188,000
Interest rate	2.75%		2.75%
Designated as Hedging Instrument \| Interest Rate Swap, 2.85%
Interest Rate Derivatives
Notional value	$ 65,000,000		$ 65,000,000		65,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 885,000		$ 885,000		1,103,000
Interest rate	2.85%		2.85%
Designated as Hedging Instrument \| Interest Rate Swap, 3.70%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability	$ (231,000)		$ (231,000)		(254,000)
Interest rate	3.70%		3.70%
Designated as Hedging Instrument \| Interest Rate Swap, 3.45%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability	$ (59,000)		$ (59,000)		(77,000)
Interest rate	3.45%		3.45%
Designated as Hedging Instrument \| Interest Rate Swap, 3.71%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability	$ (236,000)		$ (236,000)		(259,000)
Interest rate	3.71%		3.71%
Designated as Hedging Instrument \| Interest Rate Swap, 3.20%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		0
Interest rate swap liability	$ (40,000)		$ (40,000)		0
Interest rate	3.20%		3.20%
Designated as Hedging Instrument \| Interest Rate Swap, 3.40%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		0
Interest rate swap liability	$ (184,000)		$ (184,000)		0
Interest rate	3.40%		3.40%
Designated as Hedging Instrument \| Interest Rate Swap, 3.30%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		0
Interest rate swap liability	$ (157,000)		$ (157,000)		0
Interest rate	3.30%		3.30%
Prepaid expenses and other assets \| Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 10,600,000		$ 10,600,000		25,400,000
Accounts payable and other liabilities \| Interest rate swap
Interest Rate Derivatives
Interest rate swap liability	$ (900,000)		$ (900,000)		$ (600,000)

Summary of Significant Accounting Policies (Details)	Sep. 30, 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%

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to RLJ	$	20,602	$	16,430	$	62,645	$	68,470
Less: Preferred dividends	(6,279)		(6,279)		(18,836)		(18,836)
Less: Dividends paid on unvested restricted shares	(242)		(243)		(657)		(642)
Less: Undistributed earnings attributable to unvested restricted shares	—		—		—		(133)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	14,081	$	9,908	$	43,152	$	48,859

Denominator:
Weighted-average number of common shares - basic	153,070,639		154,563,284		153,226,734		156,805,643
Unvested restricted shares	87,512		446,087		533,940		434,183
Unvested performance units	82,018		72,274		70,080		40,380
Weighted-average number of common shares - diluted	153,240,169		155,081,645		153,830,754		157,280,206

Net income per share attributable to common shareholders - basic	$	0.09	$	0.06	$	0.28	$	0.31

Net income per share attributable to common shareholders - diluted	$	0.09	$	0.06	$	0.28	$	0.31

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Investment in hotel properties, net	$ 4,257,199	$ 4,136,216
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	7,237	7,398
Cash and cash equivalents	385,384	516,675
Restricted cash reserves	38,958	38,652
Hotel and other receivables, net of allowance of $294 and $265, respectively	26,437	26,163
Operating lease right of use asset	129,526	136,140
Prepaid expense and other assets	43,250	58,051
Total assets	4,887,991	4,919,295
Liabilities and Equity
Debt, net	2,218,826	2,220,778
Accounts payable and other liabilities	154,933	147,819
Contract with Customer, Liability	36,643	32,281
Operating lease liability	119,508	122,588
Accrued interest	12,114	22,539
Distributions payable	30,431	22,500
Total liabilities	2,572,455	2,568,505
Commitments and Contingencies (Note 11)
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 September 30, 2024 and December 31, 2023	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 153,628,657 and 155,297,829 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1,536	1,553
Additional paid-in capital	2,990,553	3,000,894
Retained Earnings	(1,066,035)	(1,055,183)
Accumulated other comprehensive income	8,835	22,662
Total shareholders’ equity	2,301,825	2,336,862
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	6,258	6,294
Noncontrolling interest in consolidated joint ventures	7,453	7,634
Total noncontrolling interests	13,711	13,928
Total equity	2,315,536	2,350,790
Total liabilities and equity	$ 4,887,991	$ 4,919,295

Debt (Mortgage Loans) (Details) $ in Thousands		9 Months Ended
Debt (Mortgage Loans) (Details) $ in Thousands	Apr. 09, 2024 USD ($)	Sep. 30, 2024 USD ($) asset	Dec. 31, 2023 USD ($)
Debt
Mortgage loans, gross		$ 207,562	$ 407,833
Unamortized debt issuance costs on mortgage loans		$ (187)	(170)
Additional maturity term		1 year
Restricted Cash			38,700
Repayments of Secured Debt	$ (200,000)
Secured Debt
Debt
Number of Assets Encumbered \| asset		8
Secured Debt \| Fair Value, Inputs, Level 3
Debt
Secured Debt		$ 207,375	407,663
Secured Debt \| Wells Fargo 3
Debt
Number of Assets Encumbered \| asset		1
Secured Debt		$ 26,562	26,833
Interest Rate		5.06%
Debt Instrument, Fair Value Adjustment, Net		$ 1,600	1,800
Five Point Nine Four Percent Due April 2024 [Member] \| Secured Debt
Debt
Secured Debt		$ 0	200,000
Five Point Zero Four Percent Due April 2025 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset		3
Debt Instrument, Interest Rate, Stated Percentage		4.78%
Secured Debt		$ 96,000	96,000
Additional maturity term		1 year
Five Point Six One Percent Due April 2025 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset		4
Debt Instrument, Interest Rate, Stated Percentage		5.29%
Secured Debt		$ 85,000	$ 85,000

Acquisition - Additional Information (Details) $ in Thousands		9 Months Ended
	Jan. 29, 2024 USD ($)	Sep. 30, 2024 USD ($) room	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Asset Acquisition [Line Items]
Acquisitions, net		$ 158,744	$ 0
Transaction costs	$ 200	600
Operating lease right of use asset		129,526		$ 136,140
Operating lease liability		119,508		$ 122,588
Consideration transferred, net assets acquired and liabilities assumed	125,200	36,145
Asset Acquisition, Land and improvements		3,433
Asset Acquisition, building and improvements		29,716
Asset Acquisition, Furniture, fixtures and equipment		2,996
Wyndham Boston Beacon Hill
Schedule of Asset Acquisition [Line Items]
Acquisitions, net	125,000
Operating lease right of use asset	1,300
Operating lease liability	$ 100
Hotel Teatro
Schedule of Asset Acquisition [Line Items]
Acquisitions, net		$ 35,500
Asset Acquisition, Percentage Of Ownership Acquired		100.00%
Number of rooms \| room		110

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, net	$ 2,218,826	$ 2,220,778
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717	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	(10,624)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717	24,829
Interest rate swap liability	907	590
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	918,006	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	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,176,874	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	0
Fair Value, Inputs, Level 3 \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	1,018,006	821,443
Long-term Debt, Fair Value	1,025,000	817,960
Fair Value, Inputs, Level 3 \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt	207,375	407,663
Long-term Debt, Fair Value	199,994	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	(10,624)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	9,717	24,829
Interest rate swap liability	907	590
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	993,445	991,672
Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 951,880	$ 928,750

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

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


	September 30, 2024		December 31, 2023
Senior Notes, net	$	993,445	$	991,672
Revolver Outstanding	100,000		—
Term Loans, net	918,006		821,443
Mortgage loans, net	207,375		407,663
Debt, net	$	2,218,826	$	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	September 30, 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			(6,555)		(8,328)
Total senior notes, net			$	993,445	$	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");

•$500.0 million term loan with a scheduled maturity date of September 24, 2027 and up to two one-year extension options if certain conditions are satisfied (the "$500 Million Term Loan Maturing 2027");

•$200.0 million term loan with a scheduled maturity date of January 31, 2026 and up to 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 up to two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026").

The $500 Million Term Loan Maturing 2027, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans."

In September 2024, the Company entered into the $500 Million Term Loan Maturing 2027, the proceeds of which were used to repay an existing $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025") and $100.0 million of outstanding borrowings under the Revolver. The $500 Million Term Loan Maturing 2027 matures on September 24, 2027, with up to two one-year extension options if certain conditions are satisfied. Borrowings under the $500 Million Term Loan Maturing 2027 bear interest at a variable rate with the same terms as the $400 Million Term Loan Maturing 2025. The Company paid approximately $5.1 million in lender fees and legal costs related to the refinancing.

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


			Carrying Value at
	Interest Rate at September 30, 2024 (1)	Maturity Date	September 30, 2024		December 31, 2023
Revolver (2)	6.59%	May 2027	$	100,000	$	—




$500 Million Term Loan Maturing 2027	4.82%	September 2027 (4)	500,000		—
$400 Million Term Loan Maturing 2025 (3)	N/A	N/A	—		400,000
$200 Million Term Loan Maturing 2026	6.55%	January 2026 (4)	200,000		200,000
$225 Million Term Loan Maturing 2026	3.91%	May 2026 (4)	225,000		225,000
			1,025,000		825,000
Deferred financing costs, net (5)			(6,994)		(3,557)
Total Revolver and Term Loans, net			$	1,018,006	$	821,443

(1)Interest rate at September 30, 2024 gives effect to interest rate hedges.

(2)At September 30, 2024 and December 31, 2023, there was $500.0 million and $600.0 million, respectively, of borrowing capacity on the Revolver. 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. In September 2024, the Company utilized part of the $500 Million Term Loan Maturing 2027 proceeds to repay $100.0 million of outstanding borrowings under the Revolver.

(3)In September 2024, the Company utilized part of the $500 Million Term Loan Maturing 2027 proceeds to pay off this term loan.

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

(5)Excludes $4.3 million and $5.6 million as of September 30, 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 September 30, 2024		Maturity Date		September 30, 2024		December 31, 2023
Mortgage loan (1)	N/A	N/A		N/A		$	—	$	200,000
Mortgage loan (2)	3	4.78%	(4)	April 2025	(5)	96,000		96,000
Mortgage loan (2)	4	5.29%	(4)	April 2025	(5)	85,000		85,000
Mortgage loan (3)	1	5.06%		January 2029		26,562		26,833




	8					207,562		407,833
Deferred financing costs, net						(187)		(170)
Total mortgage loans, net						$	207,375	$	407,663

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

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

(3)Includes $1.6 million and $1.8 million at September 30, 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.

(4)Interest rate at September 30, 2024 gives effect to interest rate hedges.

(5)This mortgage loan provides for a one-year extension option to April 2026, subject to certain conditions.

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 September 30, 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 September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Senior Notes	$	9,695	$	9,695	$	29,070	$	29,070
Revolver and Term Loans	14,228		7,365		37,075		23,176
Mortgage loans	2,671		5,727		10,939		15,286
Amortization of deferred financing costs	1,663		1,564		4,779		4,528
Non-cash interest expense related to interest rate hedges	386		482		1,287		1,446
Total interest expense	$	28,643	$	24,833	$	83,150	$	73,506

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)		6,828,527		6,828,527
Other Disclosures
Common shares available for future grant (in shares)		2,047,206		2,047,206
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)				2,305,303
Granted (in shares)				925,731
Vested (in shares)				(1,590,325)
Forfeited (in shares)				(25,541)
Unvested at the end of the period (in shares)		1,615,168		1,615,168
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 13.52
Granted (in dollars per share)				11.57
Vested (in dollars per share)				14.24
Forfeited (in dollars per share)				11.22
Unvested at the end of the period (in dollars per share)		$ 11.73		$ 11.73
Other Disclosures
Share-based compensation expense		$ 2.3	$ 4.0	$ 9.4	$ 11.4
Total unrecognized compensation costs		13.5		$ 13.5
Weighted-average period of recognition of unrecognized share-based compensation expense				1 year 10 months 24 days
Total fair value of shares vested				$ 17.6	9.7
Performance Units
Other Disclosures
Share-based compensation expense		2.3	$ 2.3	6.9	$ 6.7
Total unrecognized compensation costs		$ 14.0		$ 14.0
Weighted-average period of recognition of unrecognized share-based compensation expense				1 year 10 months 24 days
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, vesting rights percentage immediately				100.00%
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
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%
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
Shared-based compensation arrangement by share based payment award, maximum absolute total shareholder return decline before 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 minimum before payout percentage reduction				0
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%
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%

Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

Also during the nine months ended September 30, 2024, the Company acquired a 100% interest in the following property:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hotel Teatro

Denver, CO

June 13, 2024

Sage Hospitality

110

35,500

Asset Acquisition, Allocation Of Transaction Costs

The allocation of the costs for the property acquired was as follows (in thousands):


	September 30, 2024

Land and improvements	$	3,433
Buildings and improvements	29,716
Furniture, fixtures and equipment	2,996


Total purchase price	$	36,145

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) room	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) room	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net \| $			$ 19,542	$ 28
Gain (loss) on sale of hotel properties, net \| $	$ 4,755	$ 16	$ 8,301	$ (28)
Residence Inn Merrillville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms \| room	78		78
Disposals 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms \| room	212		212
Proceeds from sales of hotel properties, net \| $			$ 20,800
Fairfield Inn & Suites Denver Cherry Creek
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms \| room	134		134

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 345,744	$ 334,406	$ 1,039,451	$ 1,005,869
Southern California
Disaggregation of Revenue [Line Items]
Revenues	50,478	45,752	133,258	121,544
South Florida
Disaggregation of Revenue [Line Items]
Revenues	27,500	27,032	112,396	108,727
Northern California
Disaggregation of Revenue [Line Items]
Revenues	41,792	44,265	123,239	125,567
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	21,803	21,508	54,527	54,728
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	15,139	15,140	47,581	47,534
New York City
Disaggregation of Revenue [Line Items]
Revenues	22,290	21,294	59,042	55,508
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	12,799	12,078	41,577	39,921
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	15,909	14,696	49,304	45,259
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	11,832	11,504	40,577	36,750
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	108,468	104,906	333,679	330,056
Boston
Disaggregation of Revenue [Line Items]
Revenues	17,734	16,231	44,271	40,275
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	283,614	277,088	853,896	833,416
Room Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,220	37,507	106,601	99,007
Room Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20,245	20,256	87,883	86,311
Room Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36,850	38,573	106,649	108,832
Room Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,432	18,204	44,651	44,898
Room Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,144	14,256	44,693	44,687
Room Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,660	18,162	49,339	46,768
Room Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,987	10,172	35,603	34,072
Room Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,808	8,749	32,211	29,844
Room Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,578	8,687	29,682	27,629
Room Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	89,742	87,591	277,046	275,147
Room Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15,948	14,931	39,538	36,221
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36,983	34,181	113,515	105,601
Food and Beverage Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,602	4,177	14,850	11,928
Food and Beverage Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,365	4,219	15,634	15,126
Food and Beverage Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,838	3,651	10,564	10,676
Food and Beverage Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,491	2,450	7,227	7,388
Food and Beverage Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	300	323	853	1,023
Food and Beverage Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,638	2,224	7,090	6,262
Food and Beverage Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	728	742	2,455	2,341
Food and Beverage Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,090	5,075	14,270	12,605
Food and Beverage Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,289	1,823	8,094	6,101
Food and Beverage Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,513	8,617	29,143	29,261
Food and Beverage Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,129	880	3,335	2,890
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	25,147	23,137	72,040	66,852
Other Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,656	4,068	11,807	10,609
Other Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,890	2,557	8,879	7,290
Other Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,104	2,041	6,026	6,059
Other Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	880	854	2,649	2,442
Other Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	695	561	2,035	1,824
Other Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	992	908	2,613	2,478
Other Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,084	1,164	3,519	3,508
Other Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,011	872	2,823	2,810
Other Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	965	994	2,801	3,020
Other Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,213	8,698	27,490	25,648
Other Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 657	$ 420	$ 1,398	$ 1,164

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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.

Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

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


	September 30, 2024		December 31, 2023
Land and improvements	$	1,129,190	$	998,417
Buildings and improvements	4,186,098		4,117,210
Furniture, fixtures and equipment	839,541		798,410
	6,154,829		5,914,037
Accumulated depreciation	(1,897,630)		(1,777,821)
Investment in hotel properties, net	$	4,257,199	$	4,136,216

Equity Incentive Plan

9 Months Ended

Sep. 30, 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 September 30, 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	925,731	11.57
Vested	(1,590,325)	14.24
Forfeited	(25,541)	11.22
Unvested at September 30, 2024	1,615,168	$	11.73

For the three and nine months ended September 30, 2024, the Company recognized approximately $2.3 million and $9.4 million, respectively, of share-based compensation expense related to restricted share awards. For the three and nine months ended September 30, 2023, the Company recognized approximately $4.0 million and $11.4 million, respectively, of share-based compensation expense related to restricted share awards. As of September 30, 2024, there was $13.5 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 1.9 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the nine months ended September 30, 2024 and 2023 was approximately $17.6 million and $9.7 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 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%	35.60%

For the three and nine months ended September 30, 2024, the Company recognized approximately $2.3 million and $6.9 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and nine months ended September 30, 2023, the Company recognized approximately $2.3 million and $6.7 million, respectively, of share-based compensation expense related to the performance unit awards. As of September 30, 2024, there was $14.0 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 1.9 years.

As of September 30, 2024, there were 2,047,206 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.

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2024		December 31, 2023
Senior Notes, net	$	993,445	$	991,672
Revolver Outstanding	100,000		—
Term Loans, net	918,006		821,443
Mortgage loans, net	207,375		407,663
Debt, net	$	2,218,826	$	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	September 30, 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			(6,555)		(8,328)
Total senior notes, net			$	993,445	$	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 September 30, 2024 (1)	Maturity Date	September 30, 2024		December 31, 2023
Revolver (2)	6.59%	May 2027	$	100,000	$	—




$500 Million Term Loan Maturing 2027	4.82%	September 2027 (4)	500,000		—
$400 Million Term Loan Maturing 2025 (3)	N/A	N/A	—		400,000
$200 Million Term Loan Maturing 2026	6.55%	January 2026 (4)	200,000		200,000
$225 Million Term Loan Maturing 2026	3.91%	May 2026 (4)	225,000		225,000
			1,025,000		825,000
Deferred financing costs, net (5)			(6,994)		(3,557)
Total Revolver and Term Loans, net			$	1,018,006	$	821,443

(1)Interest rate at September 30, 2024 gives effect to interest rate hedges.

(3)In September 2024, the Company utilized part of the $500 Million Term Loan Maturing 2027 proceeds to pay off this term loan.

(4)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 September 30, 2024		Maturity Date		September 30, 2024		December 31, 2023
Mortgage loan (1)	N/A	N/A		N/A		$	—	$	200,000
Mortgage loan (2)	3	4.78%	(4)	April 2025	(5)	96,000		96,000
Mortgage loan (2)	4	5.29%	(4)	April 2025	(5)	85,000		85,000
Mortgage loan (3)	1	5.06%		January 2029		26,562		26,833




	8					207,562		407,833
Deferred financing costs, net						(187)		(170)
Total mortgage loans, net						$	207,375	$	407,663

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

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

(4)Interest rate at September 30, 2024 gives effect to interest rate hedges.

(5)This mortgage loan provides for a one-year extension option to April 2026, subject to certain conditions.

Schedule of Interest Expense Components

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


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Senior Notes	$	9,695	$	9,695	$	29,070	$	29,070
Revolver and Term Loans	14,228		7,365		37,075		23,176
Mortgage loans	2,671		5,727		10,939		15,286
Amortization of deferred financing costs	1,663		1,564		4,779		4,528
Non-cash interest expense related to interest rate hedges	386		482		1,287		1,446
Total interest expense	$	28,643	$	24,833	$	83,150	$	73,506

- 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

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

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	68,470
Net income (loss)	68,577				68,470		238	(131)
Unrealized gain (loss) on interest rate derivatives	(1,038)					(1,038)
Issuance of restricted stock (in shares)			1,190,961
Issuance of restricted stock	0		$ 12	(12)
Amortization of share-based compensation	19,481			19,481
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(407,205)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,398)		$ (4)	(4,394)
Shares acquired as part of a share repurchase program	$ (66,783)		$ (66)	(66,717)
Shares acquired as part of a share repurchase program (in shares)	(6,600,000)		(6,588,722)
Forfeiture of restricted stock (in shares)			(25,828)
Restricted Stock Award, Forfeitures	$ 0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(41,554)				(41,364)		(190)
Balance (in shares) at Sep. 30, 2023		12,879,475	156,172,739
Balance at Sep. 30, 2023	2,384,095	$ 366,936	$ 1,562	3,003,316	(1,041,171)	39,553	6,361	7,538
Balance (in shares) at Jun. 30, 2023		12,879,475	157,686,191
Balance at Jun. 30, 2023	2,400,085	$ 366,936	$ 1,577	3,011,350	(1,035,566)	41,733	6,380	7,675
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	16,430				16,430
Net income (loss)	16,343						50	(137)
Unrealized gain (loss) on interest rate derivatives	(2,180)					(2,180)
Amortization of share-based compensation	6,753			6,753
Shares acquired as part of a share repurchase program	(14,802)		$ (15)	(14,787)
Shares acquired as part of a share repurchase program (in shares)			(1,505,754)
Forfeiture of restricted stock (in shares)			(7,698)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(15,825)				(15,756)		(69)
Balance (in shares) at Sep. 30, 2023		12,879,475	156,172,739
Balance at Sep. 30, 2023	2,384,095	$ 366,936	$ 1,562	3,003,316	(1,041,171)	39,553	6,361	7,538
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	62,645				62,645
Net income (loss)	62,680				62,645		216	(181)
Unrealized gain (loss) on interest rate derivatives	(13,827)					(13,827)
Issuance of restricted stock (in shares)			1,178,779
Issuance of restricted stock	0		$ 11	(11)
Amortization of share-based compensation	17,651			17,651
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(807,917)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(9,014)		$ (8)	(9,006)
Shares acquired as part of a share repurchase program	$ (18,995)		$ (20)	(18,975)
Shares acquired as part of a share repurchase program (in shares)	(2,000,000)		(2,014,493)
Forfeiture of restricted stock (in shares)			(25,541)
Restricted Stock Award, Forfeitures	$ 0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(54,913)				(54,661)		(252)
Balance (in shares) at Sep. 30, 2024		12,879,475	153,628,657
Balance at Sep. 30, 2024	2,315,536	$ 366,936	$ 1,536	2,990,553	(1,066,035)	8,835	6,258	7,453
Balance (in shares) at Jun. 30, 2024		12,879,475	155,240,677
Balance at Jun. 30, 2024	2,347,771	$ 366,936	$ 1,552	3,000,394	(1,057,061)	22,171	6,318	7,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	20,602				20,602
Net income (loss)	20,643						49	(8)
Unrealized gain (loss) on interest rate derivatives	(13,336)					(13,336)
Amortization of share-based compensation	4,946			4,946
Shares acquired as part of a share repurchase program	(14,803)		$ (16)	(14,787)
Shares acquired as part of a share repurchase program (in shares)			(1,606,636)
Forfeiture of restricted stock (in shares)			(5,384)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(23,406)				(23,297)		(109)
Balance (in shares) at Sep. 30, 2024		12,879,475	153,628,657
Balance at Sep. 30, 2024	$ 2,315,536	$ 366,936	$ 1,536	$ 2,990,553	$ (1,066,035)	$ 8,835	$ 6,258	$ 7,453

Acquisition

9 Months Ended

Sep. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisition

Acquisitions

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.

Also during the nine months ended September 30, 2024, the Company acquired a 100% interest in the following property:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hotel Teatro

Denver, CO

June 13, 2024

Sage Hospitality

110

35,500

The acquisition of Hotel Teatro was accounted for as an asset acquisition, whereby approximately $0.6 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands):


	September 30, 2024

Land and improvements	$	3,433
Buildings and improvements	29,716
Furniture, fixtures and equipment	2,996


Total purchase price	$	36,145

The value of the asset acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach used inputs of recent land sales in the hotel market. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the asset.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2024 and December 31, 2023, approximately $39.0 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 September 30, 2024, 95 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 and nine months ended September 30, 2024, the Company incurred management fee expense of approximately $10.2 million and $31.4 million, respectively. For the three and nine months ended September 30, 2023, the Company incurred management fee expense of approximately $10.4 million and $32.3 million, respectively. Franchise Agreements As of September 30, 2024, 57 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, three 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 and nine months ended September 30, 2024, the Company incurred franchise fee expense of approximately $17.1 million and $51.4 million, respectively. For the three and nine months ended September 30, 2023, the Company incurred franchise fee expense of approximately $16.7 million and $50.2 million, respectively.

Sale of Hotel Properties

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Sale of Hotel Properties

Sales of Hotel Properties

During the nine months ended September 30, 2024, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $20.8 million.

Hotel Property Name

Location

Sale Date

Rooms

Residence Inn Merrillville

Merrillville, IN

May 21, 2024

Fairfield Inn & Suites Denver Cherry Creek

Denver, CO

September 9, 2024

134

Total

212

The Company recorded net gains of $4.8 million and $8.3 million, respectively, for the three and nine months ended September 30, 2024 in connection with the sales of these hotel properties.