0001511337-26-000023 | 10-Q | XBRL Viewer

Income Taxes (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Investment in Hotel Properties

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Investment in Hotel Properties

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


	June 30, 2026		December 31, 2025
Land and improvements	$	1,117,792	$	1,123,123
Buildings and improvements	4,212,614		4,199,471
Furniture, fixtures and equipment	883,575		873,410
	6,213,981		6,196,004
Accumulated depreciation	(2,166,664)		(2,083,617)
Investment in hotel properties, net	$	4,047,317	$	4,112,387

For the three and six months ended June 30, 2026, the Company recognized depreciation expense related to its investment in hotel properties of approximately $47.4 million and $94.4 million, respectively. For the three and six months ended June 30, 2025, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.2 million and $91.9 million, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
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, 2025, filed with the Securities and Exchange Commission ("SEC") on February 27, 2026 (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, 2025. 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, 2025, 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. 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 In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public entities are required to apply the guidance prospectively and may elect to apply it retrospectively. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies and enhances hedge accounting guidance. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company utilizes interest rate derivative instruments, typically interest rate swaps, to mitigate exposure to interest rate changes. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2026 USD ($) property hotel	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	4.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures \| $	$ 35,768	$ 31,901	$ 27,266
Number of real estate properties \| property	92
Number of real estate properties with manchise agreements \| hotel	35

- 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 cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

Fair Value

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value

Fair Value Measurement

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

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

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

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

Fair Value of Financial Instruments

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

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

•Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 1 inputs in the fair value hierarchy, except for the 2026 Senior Notes at June 30, 2026, which the Company estimated 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 3 inputs in the fair value hierarchy. The Company repaid the 2026 Senior Notes at maturity on July 1, 2026. 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):


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	997,583	$	975,558	$	996,401	$	970,000
Revolver and Term Loans, net	1,507,719		1,522,353		1,020,057		1,013,892
Mortgage loans, net	189,852		186,563		180,760		178,457
Debt, net	$	2,695,154	$	2,684,474	$	2,197,218	$	2,162,349

Recurring Fair Value Measurements

The following table presents the Company’s fair value hierarchy for those financial assets measured at fair value on a recurring basis as of June 30, 2026 (in thousands):


	Fair Value at June 30, 2026
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	6,832	$	—	$	6,832

Total	$	—	$	6,832	$	—	$	6,832

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, 2025 (in thousands):


	Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	2,360	$	—	$	2,360
Interest rate swap liability	—		(441)		—		(441)
Total	$	—	$	1,919	$	—	$	1,919

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 June 30, 2026, 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.

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+ Details

Investment in Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of investment in hotel properties

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


	June 30, 2026		December 31, 2025
Land and improvements	$	1,117,792	$	1,123,123
Buildings and improvements	4,212,614		4,199,471
Furniture, fixtures and equipment	883,575		873,410
	6,213,981		6,196,004
Accumulated depreciation	(2,166,664)		(2,083,617)
Investment in hotel properties, net	$	4,047,317	$	4,112,387

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of the unvested restricted shares

A summary of the unvested restricted shares as of June 30, 2026 is as follows:


	2026
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2026	1,971,739	$	9.51
Granted	1,379,191	8.41
Vested	(885,202)	9.92
Forfeited	(5,347)	7.76
Unvested at June 30, 2026	2,460,381	$	8.75

Summary of Performance Unit Awards

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 2023 (1)	574,846	$16.90	0% to 200%	4.33%	66.70%
February 2024	703,325	$15.13	0% to 200%	4.43%	35.60%
March 2025	832,322	$11.45	0% to 200%	4.01%	31.10%
May 2026	1,027,585	$12.11	0% to 200%	3.88%	29.20%

(1) In February 2026, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 362,000 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 six months ended June 30, 2026 was approximately $2.8 million.

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt
Amortization of deferred financing costs	$ 1,920	$ 1,901	$ 3,812	$ 3,732
Description of Interest Rate Cash Flow Hedge Activities	(78)	144	(78)	288
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	23	0	23	0
Total Interest Expense	28,116	27,876	55,793	55,428
Senior Notes
Debt
Interest expense	9,688	9,688	19,375	19,375
Revolver and Term Loans
Debt
Interest expense	14,167	13,757	28,138	27,292
Secured Debt
Debt
Interest expense	$ 2,396	$ 2,386	$ 4,523	$ 4,741

- 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 interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

Summary of Significant Accounting Policies (Details)	Jun. 30, 2026 joint_venture
Subsidiary or Equity Method Investee [Line Items]
Real estate interests, number of joint ventures	1
Fifty Percent Owned \| Unconsolidated Properties
Subsidiary or Equity Method Investee [Line Items]
Indirect, noncontrolling interest (as a percent)	50.00%

Debt (Senior Notes, Term Loans, and Revolver) (Details)		1 Months Ended	6 Months Ended
Debt (Senior Notes, Term Loans, and Revolver) (Details)	Jun. 30, 2026 USD ($) option	Feb. 28, 2026 USD ($)	Jun. 30, 2026 USD ($) option	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt
Unsecured Debt, Gross	$ 1,519,000,000		$ 1,519,000,000		$ 1,025,000,000
Unamortized debt issuance costs on term loans	(11,281,000)		(11,281,000)		(4,943,000)
Debt, net	2,695,154,000		2,695,154,000		2,197,218,000
Deferred financing costs, net	$ (2,417,000)		$ (2,417,000)		(3,599,000)
Additional maturity term			1 year
Number of extension options \| option	2		2
Borrowings on Term Loans			$ 494,000,000	$ 100,000,000
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent
Debt
Debt Issuance Costs, Net	$ 7,000,000.0		7,000,000.0		2,200,000
Secured Debt
Debt
Secured Debt					69,800,000
Secured Debt \| Level 3
Debt
Secured Debt	189,852,000		189,852,000		180,760,000
Unsecured Debt
Debt
Unsecured Debt	1,507,719,000		1,507,719,000		1,020,057,000
Debt Instrument, Fee Amount	8,000,000.0		8,000,000.0
Unsecured Debt \| Level 3
Debt
Unsecured Debt	1,507,719,000		1,507,719,000		1,020,057,000
$500 Million Senior Notes Due 2029 \| Level 1
Debt
Long-term Debt, Gross	500,000,000		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		500,000,000
Senior Notes \| Level 1
Debt
Long-term Debt, Gross	1,000,000,000		1,000,000,000		1,000,000,000
Senior Notes
Debt
Long-term Debt, Gross	997,583,000		997,583,000		996,401,000
The Revolver
Debt
Debt Instrument, Fee Amount	6,000,000.0		6,000,000.0
The Revolver \| Line of Credit
Debt
Unsecured Debt	$ 0		$ 0		0
Interest Rate	0.00%		0.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 600,000,000.0		$ 600,000,000.0
Remaining borrowing capacity	$ 600,000,000.0		$ 600,000,000.0		600,000,000.0
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		2
$500 Million Senior Notes Due 2029 \| Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage	4.00%		4.00%
$500 Million Senior Notes Due 2026 \| Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage	3.75%		3.75%
$300 Million Term Loan Maturing 2028 \| Unsecured Debt
Debt
Unsecured Debt	$ 300,000,000		$ 300,000,000		300,000,000
Interest Rate	5.40%		5.40%
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000,000.0		$ 300,000,000.0
Additional maturity term			1 year
Number of extension options \| option	2		2
$569 Million Term Loan Maturing 2031 \| Unsecured Debt
Debt
Unsecured Debt	$ 569,000,000		$ 569,000,000		225,000,000
Interest Rate	5.40%		5.40%
Line of Credit Facility, Maximum Borrowing Capacity	$ 569,000,000.0		$ 569,000,000.0
Borrowings on Term Loans	344,000,000.0	$ 225,000,000.0
$500 Million Term Loan Maturing 2027 \| Unsecured Debt
Debt
Unsecured Debt	$ 500,000,000		$ 500,000,000		500,000,000
Interest Rate	5.06%		5.06%
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000,000.0		$ 500,000,000.0
Additional maturity term			1 year
Number of extension options \| option	2		2
$150 Million Term Loan Maturing 2033 \| Unsecured Debt
Debt
Unsecured Debt	$ 150,000,000		$ 150,000,000		$ 0
Interest Rate	5.80%		5.80%
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000,000.0		$ 150,000,000.0
Debt Instrument, Term			7 years

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) room	Jun. 30, 2025 USD ($) room	Jun. 30, 2026 USD ($) room	Jun. 30, 2025 USD ($) room
Disposal Group, Including Discontinued Operations [Line Items]
Loss (gain) on sale of hotel properties, net	$ 116	$ 378	$ 3,763	$ (943)
Proceeds from sales of hotel properties, net			12,623	23,782
Gain (Loss) on Sale of Properties	$ (100)	$ (400)	$ (3,800)	$ 900
Courtyard Atlanta Buckhead
Disposal Group, Including Discontinued Operations [Line Items]
Property disposed, number of rooms \| room		181		181
Disposals 2025
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net				$ 24,300
Hyatt Place Fremont Silicon Valley
Disposal Group, Including Discontinued Operations [Line Items]
Property disposed, number of rooms \| room	151		151
Disposals 2026
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net			$ 13,200

- 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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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Abstract]
Land and improvements	$ 1,117,792		$ 1,117,792		$ 1,123,123
Buildings and improvements	4,212,614		4,212,614		4,199,471
Furniture, fixtures and equipment	883,575		883,575		873,410
Investment in hotel properties, gross	6,213,981		6,213,981		6,196,004
Accumulated depreciation	(2,166,664)		(2,166,664)		(2,083,617)
Investment in hotel properties, net	4,047,317		4,047,317		$ 4,112,387
Real estate depreciation expense, excluding discontinued operations	$ 47,400	$ 46,200	$ 94,400	$ 91,900

Sale of Hotel Properties	6 Months Ended
Sale of Hotel Properties	Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sales of Hotel Properties In connection with the sales of hotel properties, the Company recorded net losses of $0.1 million and $3.8 million for the three and six months ended June 30, 2026, respectively, and a net loss of $0.4 million and a net gain of $0.9 million for the three and six months ended June 30, 2025, respectively. On June 4, 2026, the Company sold the 151-room Hyatt Place Fremont Silicon Valley hotel property in Fremont, California for a sales price of $13.2 million. On March 6, 2025, the Company sold the 181-room Courtyard Atlanta Buckhead hotel property in Atlanta, Georgia for a sales price of $24.3 million.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The following table presents information about profit or loss for the hotel segment:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Revenues
Room revenue	$	311,760	$	296,101	$	587,017	$	563,755
Food and beverage revenue	43,735		41,934		83,452		79,447
Other revenue	27,493		25,068		52,496		48,020
Total revenues	382,988		363,103		722,965		691,222
Operating expenses
Room expense	77,931		74,565		150,663		145,416
Food and beverage expense	32,093		30,375		62,855		59,664
Management and franchise fee expense	29,321		28,393		54,395		53,595
Other operating expenses	99,727		92,787		196,153		184,498
Total operating expenses	239,072		226,120		464,066		443,173
Property tax, insurance and other	26,784		26,490		53,756		53,693
Other, net (1)	(2,485)		(2,895)		(4,397)		(4,943)
Hotel EBITDA	$	119,617	$	113,388	$	209,540	$	199,299

(1) Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Income before income tax expense	$	31,614	$	28,970	$	31,529	$	32,436
Depreciation and amortization	47,496		46,363		94,691		92,151
Interest expense, net of interest income	24,851		24,515		49,590		48,812
General and administrative	13,424		11,138		26,403		23,784
Loss (gain) on sale of hotel properties, net	116		378		3,763		(943)
Other, net	2,116		2,024		3,564		3,059
Hotel EBITDA	$	119,617	$	113,388	$	209,540	$	199,299

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 30
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Debt (Covenants) (Details)	Jun. 30, 2026
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%
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio Due To Acquisition	65.00%
$500 Million Senior Notes Due 2029 \| 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

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, net	$ 2,695,154	$ 2,197,218
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	6,832	1,919
Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(6,832)	(2,360)
Interest rate swap liability		441
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	6,832	1,919
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	1,507,719	1,020,057
Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt		69,800
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 swap liability		0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Level 2 \| Interest rate swap \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(6,832)	(2,360)
Interest rate swap liability		441
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	6,832	1,919
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,684,474	2,162,349
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 swap liability		0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Level 3 \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	1,507,719	1,020,057
Long-term Debt, Fair Value	1,522,353	1,013,892
Level 3 \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt	189,852	180,760
Long-term Debt, Fair Value	186,563	178,457
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	997,583	996,401
Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 975,558	$ 970,000

Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

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):


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes, net	$	997,583	$	975,558	$	996,401	$	970,000
Revolver and Term Loans, net	1,507,719		1,522,353		1,020,057		1,013,892
Mortgage loans, net	189,852		186,563		180,760		178,457
Debt, net	$	2,695,154	$	2,684,474	$	2,197,218	$	2,162,349

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

The following table presents the Company’s fair value hierarchy for those financial assets measured at fair value on a recurring basis as of June 30, 2026 (in thousands):


	Fair Value at June 30, 2026
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	6,832	$	—	$	6,832

Total	$	—	$	6,832	$	—	$	6,832

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, 2025 (in thousands):


	Fair Value at December 31, 2025
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	2,360	$	—	$	2,360
Interest rate swap liability	—		(441)		—		(441)
Total	$	—	$	1,919	$	—	$	1,919

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
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, 2025, 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.
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 In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public entities are required to apply the guidance prospectively and may elect to apply it retrospectively. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies and enhances hedge accounting guidance. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. The Company utilizes interest rate derivative instruments, typically interest rate swaps, to mitigate exposure to interest rate changes. 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 June 30, 2026, 91 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, except for those management agreements that include the benefits of a franchise agreement, which incur a base management fee between 2.0% 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 six months ended June 30, 2026, the Company incurred management fee expense of approximately $11.3 million and $21.1 million, respectively. For the three and six months ended June 30, 2025, the Company incurred management fee expense of approximately $10.9 million and $20.4 million, respectively.
Franchise Agreements	Franchise Agreements As of June 30, 2026, 53 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 six months ended June 30, 2026, the Company incurred franchise fee expense of approximately $18.0 million and $33.3 million, respectively. For the three and six months ended June 30, 2025, the Company incurred franchise fee expense of approximately $17.5 million and $33.2 million, respectively.
Share 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.
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 six months ended June 30, 2026 and 2025, 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
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 382,988	$ 363,103	$ 722,965	$ 691,222
Northern California
Disaggregation of Revenue [Line Items]
Total revenues	47,722	44,057	99,234	84,644
Southern California
Disaggregation of Revenue [Line Items]
Total revenues	45,205	43,044	84,611	82,025
South Florida
Disaggregation of Revenue [Line Items]
Total revenues	39,823	36,142	94,148	85,907
New York City
Disaggregation of Revenue [Line Items]
Total revenues	24,856	23,421	40,781	38,156
Chicago
Disaggregation of Revenue [Line Items]
Total revenues	21,975	19,328	33,286	30,531
Louisville
Disaggregation of Revenue [Line Items]
Total revenues	19,371	20,019	32,772	34,535
Washington, DC
Disaggregation of Revenue [Line Items]
Total revenues	19,083	17,955	31,582	31,620
Charleston
Disaggregation of Revenue [Line Items]
Total revenues	18,258	16,924	31,683	29,139
Boston
Disaggregation of Revenue [Line Items]
Total revenues	16,901	17,189	24,806	26,113
Houston
Disaggregation of Revenue [Line Items]
Total revenues	14,919	14,573	30,881	30,065
Other
Disaggregation of Revenue [Line Items]
Total revenues	114,875	110,451	219,181	218,487
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue	311,760	296,101	587,017	563,755
Room Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue	41,292	38,308	85,952	73,419
Room Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue	35,501	34,290	65,828	65,167
Room Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue	30,661	27,982	75,229	68,570
Room Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue	20,363	19,230	33,555	31,520
Room Revenue \| Chicago
Disaggregation of Revenue [Line Items]
Revenue	18,390	15,977	27,196	24,677
Room Revenue \| Louisville
Disaggregation of Revenue [Line Items]
Revenue	12,854	13,394	21,044	22,415
Room Revenue \| Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	18,032	16,830	29,782	29,539
Room Revenue \| Charleston
Disaggregation of Revenue [Line Items]
Revenue	13,337	12,481	22,368	21,077
Room Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue	14,959	15,124	21,512	22,598
Room Revenue \| Houston
Disaggregation of Revenue [Line Items]
Revenue	12,971	12,483	26,938	25,692
Room Revenue \| Other
Disaggregation of Revenue [Line Items]
Revenue	93,400	90,002	177,613	179,081
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue	43,735	41,934	83,452	79,447
Food and Beverage Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue	3,952	3,499	8,445	6,962
Food and Beverage Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue	4,764	4,466	9,597	9,132
Food and Beverage Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue	5,812	5,217	12,359	11,359
Food and Beverage Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue	3,440	3,257	5,185	4,906
Food and Beverage Revenue \| Chicago
Disaggregation of Revenue [Line Items]
Revenue	2,533	2,376	4,325	4,251
Food and Beverage Revenue \| Louisville
Disaggregation of Revenue [Line Items]
Revenue	5,586	5,750	9,989	10,330
Food and Beverage Revenue \| Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	378	318	590	483
Food and Beverage Revenue \| Charleston
Disaggregation of Revenue [Line Items]
Revenue	3,762	3,443	7,119	6,164
Food and Beverage Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue	1,226	1,449	2,047	2,440
Food and Beverage Revenue \| Houston
Disaggregation of Revenue [Line Items]
Revenue	838	934	1,736	2,042
Food and Beverage Revenue \| Other
Disaggregation of Revenue [Line Items]
Revenue	11,444	11,225	22,060	21,378
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue	27,493	25,068	52,496	48,020
Other Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue	2,478	2,250	4,837	4,263
Other Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue	4,940	4,288	9,186	7,726
Other Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue	3,350	2,943	6,560	5,978
Other Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue	1,053	934	2,041	1,730
Other Revenue \| Chicago
Disaggregation of Revenue [Line Items]
Revenue	1,052	975	1,765	1,603
Other Revenue \| Louisville
Disaggregation of Revenue [Line Items]
Revenue	931	875	1,739	1,790
Other Revenue \| Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	673	807	1,210	1,598
Other Revenue \| Charleston
Disaggregation of Revenue [Line Items]
Revenue	1,159	1,000	2,196	1,898
Other Revenue \| Boston
Disaggregation of Revenue [Line Items]
Revenue	716	616	1,247	1,075
Other Revenue \| Houston
Disaggregation of Revenue [Line Items]
Revenue	1,110	1,156	2,207	2,331
Other Revenue \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 10,031	$ 9,224	$ 19,508	$ 18,028

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) property hotel	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) property hotel	Jun. 30, 2025 USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements	53		53
Number of real estate properties \| property	92		92
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 Product and Service Sold \| $	$ 18.0	$ 17.5	$ 33.3	$ 33.2

Equity	6 Months Ended
Equity	Jun. 30, 2026
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the six months ended June 30, 2026 and 2025, the Company declared a cash dividend of $0.15 per common share in each of the first and second quarters of 2026 and 2025. On April 24, 2026, 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, 2026 to May 8, 2027 (the "2026 Share Repurchase Program"). During the six months ended June 30, 2026, the Company did not repurchase and retire any common shares. As of June 30, 2026, the 2026 Share Repurchase Program had a remaining capacity of $250.0 million. During the six months ended June 30, 2025, the Company repurchased and retired approximately 3.1 million common shares for approximately $27.2 million. Series A Preferred Shares During the six months ended June 30, 2026 and 2025, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first and second quarters of 2026 and 2025. 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 June 30, 2026, 770,930 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.

Derivatives and Hedging Activities (Schedule of interest rate swaps) (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Derivatives and Hedging
Notional value	$ 625,000	$ 675,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ 6,832	1,919
Interest Rate Swap, 0.56% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	0.56%
Notional value	$ 0	50,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0	146
Interest Rate Swap, 2.95% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	2.95%
Notional value	$ 125,000	125,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,031	697
Interest Rate Swap, 3.70% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.70%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 53
Interest rate swap liability		147
Interest Rate Swap, 3.45% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.45%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 121
Interest rate swap liability		48
Interest Rate Swap, 3.71% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.71%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 51
Interest rate swap liability		150
Interest Rate Swap, 3.10% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.10%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 215	87
Interest Rate Swap, 3.20% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.20%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 283	43
Interest Rate Swap, 3.40% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.40%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 205
Interest rate swap liability		60
Interest Rate Swap, 3.30% #2 \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.30%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 336
Interest rate swap liability		9
Interest Rate Swap, 3.30% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.30%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 358
Interest rate swap liability		5
Interest Rate Swap, 3.19% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.19%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 427	64
Interest Rate Swap, 3.25% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.25%
Notional value	$ 50,000	50,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 778	39
Interest Rate Swap, 3.29% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.29%
Notional value	$ 50,000	50,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 726
Interest rate swap liability		22
Interest Rate Swap, 3.00% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.00%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 585	183
Interest Rate Swap, 3.05% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.05%
Notional value	$ 25,000	25,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 551	$ 147
Interest Rate Swap, 3.55% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.55%
Notional value	$ 65,000
Interest Rate Cash Flow Hedge Asset at Fair Value	553
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	600
Interest Rate Swap, 2.85% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate		2.85%
Notional value		$ 65,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 453
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	$ 500
Interest Rate Swap , 3.52% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate	3.52%
Notional value	$ 60,000
Interest Rate Cash Flow Hedge Asset at Fair Value	559
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	600
Interest Rate Swap, 2.75% \| Designated as Hedging Instrument
Derivatives and Hedging
Swap rate		2.75%
Notional value		$ 60,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 501
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	$ 600

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

Subsequent Events (Details) - USD ($) $ in Thousands	6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Subsequent Events [Abstract]
Borrowings on Term Loans	$ 494,000	$ 100,000

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023
Other Disclosures
Maximum number of common shares available for issuance (in shares)		8,731,417		8,731,417
Common shares available for future grant (in shares)		3,757,205		3,757,205
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)				1,971,739
Granted (in shares)				1,379,191
Vested (in shares)				(885,202)
Forfeited (in shares)				(5,347)
Unvested at the end of the period (in shares)		2,460,381		2,460,381
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 9.51
Granted (in dollars per share)				8.41
Vested (in dollars per share)				9.92
Forfeited (in dollars per share)				7.76
Unvested at the end of the period (in dollars per share)		$ 8.75		$ 8.75
Other Disclosures
Share-based compensation expense		$ 2.2	$ 2.2	$ 4.3	$ 4.5
Total unrecognized compensation costs		18.1		$ 18.1
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 1 month 6 days
Total fair value of shares vested				$ 7.1	7.3
Performance Units
Other Disclosures
Share-based compensation expense		1.8	$ 0.7	3.4	$ 2.7
Total unrecognized compensation costs		$ 18.3		$ 18.3
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 1 month 6 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%
2023 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	362,000						574,846
Other Disclosures
Total fair value of shares vested				$ 2.8
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							$ 16.90
Fair value assumptions, risk free interest rate							4.33%
Fair value assumptions, expected volatility rate							66.70%
2024 Performance Shares [Domain]
Summary of non-vested shares/units
Granted (in shares)						703,325
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share						$ 15.13
Fair value assumptions, risk free interest rate						4.43%
Fair value assumptions, expected volatility rate						35.60%
2025 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)					832,322
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share					$ 11.45
Fair value assumptions, risk free interest rate					4.01%
Fair value assumptions, expected volatility rate					31.10%
2026 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)				1,027,585
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				$ 12.11
Fair value assumptions, risk free interest rate				3.88%
Fair value assumptions, expected volatility rate				29.20%
Minimum \| 2023 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 \| 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						0.00%
Minimum \| 2025 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					0.00%
Minimum \| 2026 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0.00%
Maximum \| 2023 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 \| 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						200.00%
Maximum \| 2025 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					200.00%
Maximum \| 2026 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200.00%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company may be obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and other items. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% 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 June 30, 2026 and December 31, 2025, approximately $35.8 million and $31.9 million, respectively, was available in the restricted cash reserves for future capital expenditures. 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 June 30, 2026, 91 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, except for those management agreements that include the benefits of a franchise agreement, which incur a base management fee between 2.0% 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 six months ended June 30, 2026, the Company incurred management fee expense of approximately $11.3 million and $21.1 million, respectively. For the three and six months ended June 30, 2025, the Company incurred management fee expense of approximately $10.9 million and $20.4 million, respectively. Franchise Agreements As of June 30, 2026, 53 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 six months ended June 30, 2026, the Company incurred franchise fee expense of approximately $18.0 million and $33.3 million, respectively. For the three and six months ended June 30, 2025, the Company incurred franchise fee expense of approximately $17.5 million and $33.2 million, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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		152,375,872
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
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

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) property hotel	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) property hotel	Jun. 30, 2025 USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements \| hotel	91		91
Number of real estate properties \| property	92		92
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			2.00%
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 Product and Service Sold \| $	$ 11.3	$ 10.9	$ 21.1	$ 20.4

Earnings per Common Share

6 Months Ended

Jun. 30, 2026

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 six months ended June 30, 2026 and 2025, 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 June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to RLJ	$	31,036	$	28,453	$	30,895	$	31,815
Less: Preferred dividends	(6,279)		(6,279)		(12,557)		(12,557)
Less: Dividends paid on unvested restricted shares	(369)		(300)		(696)		(586)
Less: Undistributed earnings attributable to unvested restricted shares	(31)		—		—		—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	24,357	$	21,874	$	17,642	$	18,672

Denominator:
Weighted-average number of common shares - basic	149,883,674		149,532,971		149,605,007		150,217,440
Unvested restricted shares	422,357		55,741		387,083		133,859
Unvested performance units	622,652		10,241		390,189		3,784
Weighted-average number of common shares - diluted	150,928,683		149,598,953		150,382,279		150,355,083

Net income per share attributable to common shareholders - basic	$	0.16	$	0.15	$	0.12	$	0.12

Net income per share attributable to common shareholders - diluted	$	0.16	$	0.15	$	0.12	$	0.12

Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 $ / shares	Jun. 30, 2025 USD ($) $ / shares	Mar. 31, 2025 $ / shares	Jun. 30, 2025 USD ($) shares	Apr. 24, 2026 USD ($)
Equity, Class of Treasury Stock
Dividends \| $ / shares	$ 0.15	$ 0.15	$ 0.15	$ 0.15
Common shares repurchased and retired (in shares) \| shares					3,100,000
Stock repurchased during the period, Value			$ 6,377		$ 27,192
Preferred Stock, Convertible, Conversion Ratio	0.2806
Limited Partners
Equity, Class of Treasury Stock
Partners' Capital Account, Units \| shares	770,930
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
Series A Cumulative Preferred Stock
Equity, Class of Treasury Stock
Preferred Stock, Dividends Per Share, Declared \| $ / shares	$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875
2026 Share Repurchase Program
Equity, Class of Treasury Stock
Share repurchase program, authorized amount						$ 250,000
Share repurchase program, remaining authorized amount	$ 250,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt (Mortgage Loans) (Details) $ in Thousands	6 Months Ended
Debt (Mortgage Loans) (Details) $ in Thousands	Jun. 30, 2026 USD ($) option asset	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt
Mortgage loans, gross	$ 190,332		$ 180,862
Unamortized debt issuance costs on mortgage loans	$ (480)		(102)
Additional maturity term	1 year
Repayments of mortgage loans	$ 13,750	$ 0
Number of extension options \| option	2
Proceeds from mortgage loan	$ 23,400	$ 0
Secured Debt
Debt
Number of Assets Encumbered \| asset	8
Secured Debt			69,800
Secured Debt \| Level 3
Debt
Secured Debt	$ 189,852		180,760
Secured Debt \| 5.06% Due January 2029
Debt
Number of Assets Encumbered \| asset	1
Secured Debt	$ 25,932		26,112
Interest Rate	5.06%
Debt Instrument, Fair Value Adjustment, Net	$ 900		1,100
$91.7M Mortgage Loan Due April 2029 [Member]
Debt
Repayments of mortgage loans	1,500
Proceeds from mortgage loan	$ 23,400
$91.7M Mortgage Loan Due April 2029 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset	3
Debt Instrument, Interest Rate, Stated Percentage	5.17%
Secured Debt	$ 91,700		69,750
Additional maturity term	1 year
Number of extension options \| option	2
$72.7M Mortgage Loan Due April 2029 [Member]
Debt
Repayments of mortgage loans	$ 12,300
$72.7M Mortgage Loan Due April 2029 [Member] \| Secured Debt
Debt
Number of Assets Encumbered \| asset	4
Debt Instrument, Interest Rate, Stated Percentage	5.16%
Secured Debt	$ 72,700		$ 85,000

Derivatives and Hedging Activities (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Derivatives and Hedging
Accumulated other comprehensive income	$ 6,738,000		$ 6,738,000		$ 1,919,000
Hedge ineffectiveness	0	$ 0	0	$ 0
Interest expense	28,116,000	27,876,000	55,793,000	55,428,000
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	4,400,000		4,400,000
Interest rate swap \| Reclassification out of Accumulated Other Comprehensive Income
Derivatives and Hedging
Interest expense	800,000	$ 2,800,000	1,500,000	$ 5,500,000
Interest rate swap \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Derivatives and Hedging
Interest rate swap liability					400,000
Interest rate swap \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Derivatives and Hedging
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 6,800,000		$ 6,800,000		$ 2,400,000

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer.

The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment.

The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, amenity fees, gift shop sales and other guest service fees at the Company’s hotel properties.

The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense, adjusted for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table presents information about profit or loss for the hotel segment:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Revenues
Room revenue	$	311,760	$	296,101	$	587,017	$	563,755
Food and beverage revenue	43,735		41,934		83,452		79,447
Other revenue	27,493		25,068		52,496		48,020
Total revenues	382,988		363,103		722,965		691,222
Operating expenses
Room expense	77,931		74,565		150,663		145,416
Food and beverage expense	32,093		30,375		62,855		59,664
Management and franchise fee expense	29,321		28,393		54,395		53,595
Other operating expenses	99,727		92,787		196,153		184,498
Total operating expenses	239,072		226,120		464,066		443,173
Property tax, insurance and other	26,784		26,490		53,756		53,693
Other, net (1)	(2,485)		(2,895)		(4,397)		(4,943)
Hotel EBITDA	$	119,617	$	113,388	$	209,540	$	199,299

The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Income before income tax expense	$	31,614	$	28,970	$	31,529	$	32,436
Depreciation and amortization	47,496		46,363		94,691		92,151
Interest expense, net of interest income	24,851		24,515		49,590		48,812
General and administrative	13,424		11,138		26,403		23,784
Loss (gain) on sale of hotel properties, net	116		378		3,763		(943)
Other, net	2,116		2,024		3,564		3,059
Hotel EBITDA	$	119,617	$	113,388	$	209,540	$	199,299

A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to RLJ	$	31,036	$	28,453	$	30,895	$	31,815
Less: Preferred dividends	(6,279)		(6,279)		(12,557)		(12,557)
Less: Dividends paid on unvested restricted shares	(369)		(300)		(696)		(586)
Less: Undistributed earnings attributable to unvested restricted shares	(31)		—		—		—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	24,357	$	21,874	$	17,642	$	18,672

Denominator:
Weighted-average number of common shares - basic	149,883,674		149,532,971		149,605,007		150,217,440
Unvested restricted shares	422,357		55,741		387,083		133,859
Unvested performance units	622,652		10,241		390,189		3,784
Weighted-average number of common shares - diluted	150,928,683		149,598,953		150,382,279		150,355,083

Net income per share attributable to common shareholders - basic	$	0.16	$	0.15	$	0.12	$	0.12

Net income per share attributable to common shareholders - diluted	$	0.16	$	0.15	$	0.12	$	0.12

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

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


	June 30, 2026		December 31, 2025
Senior Notes, net	$	997,583	$	996,401
Revolver Outstanding	—		—
Term Loans, net	1,507,719		1,020,057
Mortgage loans, net	189,852		180,760
Debt, net	$	2,695,154	$	2,197,218

During the six months ended June 30, 2026, the Company completed a series of refinancing transactions (the "2026 Refinancing Transactions") that consisted of four components: (i) an extension of the Company’s Revolver (as defined below), (ii) the upsize and recast of an existing term loan, (iii) the issuance of a new seven-year term loan, and (iv) the refinancing of mortgage debt previously scheduled to mature in 2026. The Company used the incremental borrowings from the 2026 Refinancing Transactions to repay the 3.75% senior notes due 2026 (the "2026 Senior Notes") at maturity on July 1, 2026. As a result of the 2026 Refinancing Transactions, the Company’s next scheduled debt maturity (after extension options) occurs in 2029.

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	June 30, 2026		December 31, 2025
2029 Senior Notes (1)	4.00%	September 2029	$	500,000	$	500,000
2026 Senior Notes (1)(2)	3.75%	July 2026	500,000		500,000
			1,000,000		1,000,000
Deferred financing costs, net			(2,417)		(3,599)
Total senior notes, net			$	997,583	$	996,401

(1) Requires payment of interest only through maturity.

(2) The Company repaid the 2026 Senior Notes at maturity on July 1, 2026, using the incremental proceeds from the 2026 Refinancing Transactions.

The indenture governing the 2029 Senior Notes contains 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 indenture.

A summary of the various restrictive covenants for the 2029 Senior Notes are as follows:

Covenant

Compliance

June 30, 2026

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 facilities in place:

•$600.0 million revolving credit facility with a scheduled maturity date of February 11, 2030 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");

•$300.0 million term loan with a scheduled maturity date of April 3, 2028 and up to two one-year extension options if certain conditions are satisfied (the "$300 Million Term Loan Maturing 2028");

•$569.0 million delayed draw term loan with a scheduled maturity date of February 11, 2031 (the "$569 Million Term Loan Maturing 2031"), of which $225.0 million was drawn in February 2026 and $344.0 million was drawn on June 30, 2026; and

•$150.0 million delayed draw term loan with a scheduled maturity date of February 11, 2033 (the "$150 Million Term Loan Maturing 2033"), which was fully drawn by the Company on June 30, 2026.

The $500 Million Term Loan Maturing 2027, the $300 Million Term Loan Maturing 2028, the $569 Million Term Loan Maturing 2031, and the $150 Million Term Loan Maturing 2033 are collectively referred to as the "Term Loans."

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


			Carrying Value at
	Interest Rate at June 30, 2026 (1)	Maturity Date	June 30, 2026		December 31, 2025
Revolver (2)	—%	February 2030	$	—	$	—




$500 Million Term Loan Maturing 2027	5.06%	September 2027 (3)	500,000		500,000
$300 Million Term Loan Maturing 2028	5.40%	April 2028 (3)	300,000		300,000
$569 Million Term Loan Maturing 2031 (4)	5.40%	February 2031	569,000		225,000
$150 Million Term Loan Maturing 2033 (5)	5.80%	February 2033	150,000		—
			1,519,000		1,025,000
Deferred financing costs, net (6)			(11,281)		(4,943)
Total Revolver and Term Loans, net			$	1,507,719	$	1,020,057

(1)Interest rate at June 30, 2026 gives effect to interest rate hedges.

(2)At both June 30, 2026 and December 31, 2025, there was $600.0 million of borrowing capacity on the Revolver. In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied.

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

(4)In February 2026, the Company refinanced this term loan, extending the scheduled maturity date to February 2031 and upsizing the facility to a $569.0 million delayed draw term loan. The Company drew $225.0 million in February 2026 and the remaining $344.0 million on June 30, 2026.

(5)In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033 and was fully drawn by the Company on June 30, 2026.

(6)Excludes $7.0 million and $2.2 million as of June 30, 2026 and December 31, 2025, 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 Company paid approximately $6.0 million in lender fees and legal costs in connection with the Revolver refinancing and approximately $8.0 million in lender fees and legal costs in connection with the term loan refinancing transactions in February 2026.

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

Covenant

Compliance

June 30, 2026

Leverage ratio (1)

<= 7.25x

Yes

Fixed charge coverage ratio (2)

>= 1.50x

Yes

Secured indebtedness ratio

<= 45.0%

Yes

Unencumbered indebtedness ratio (3)

<= 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.

(3)The maximum level may be increased to 65.0% for up to four quarters following a material acquisition.

Mortgage Loans

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


					Carrying Value at
	Number of Assets Encumbered	Interest Rate at June 30, 2026		Maturity Date	June 30, 2026		December 31, 2025
Mortgage loan (1)	3	5.17%	(3)	April 2029	$	91,700	$	69,750
Mortgage loan (1)	4	5.16%	(3)	April 2029	72,700		85,000
Mortgage loan (2)	1	5.06%		January 2029	25,932		26,112




	8				190,332		180,862
Deferred financing costs, net					(480)		(102)
Total mortgage loans, net					$	189,852	$	180,760

(1)In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. During the six months ended June 30, 2026, the Company received additional proceeds of $23.4 million on the $69.8 million mortgage loan with the addition of another hotel property previously unencumbered, while paying down $1.5 million and $12.3 million on the $69.8 million and $85.0 million mortgage loans, respectively. The hotels encumbered by each mortgage loan are cross-collateralized and require payments of interest only through maturity.

(2)Includes $0.9 million and $1.1 million at June 30, 2026 and December 31, 2025, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity.

(3)Interest rate at June 30, 2026 gives effect to interest rate hedges.

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 June 30, 2026, all mortgage loans were in compliance with the relevant maintenance covenants and were not subject to any cash trap events.

Interest Expense

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


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Senior Notes	$	9,688	$	9,688	$	19,375	$	19,375
Revolver and Term Loans	14,167		13,757		28,138		27,292
Mortgage loans	2,396		2,386		4,523		4,741
Amortization of deferred financing costs	1,920		1,901		3,812		3,732
Non-cash interest expense related to interest rate hedges	(78)		144		(78)		288
Undesignated interest rate caps	23		—		23		—
Total interest expense	$	28,116	$	27,876	$	55,793	$	55,428

- 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 942
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-Name Accounting Standards Codification
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+ Details

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net Income (Loss) Attributable to Parent	$ 31,036	$ 28,453	$ 30,895	$ 31,815
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(12,557)	(12,557)
Less: Dividends paid on unvested restricted shares	(369)	(300)	(696)	(586)
Less: Undistributed earnings attributable to unvested restricted shares	(31)	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 24,357	$ 21,874	$ 17,642	$ 18,672
Denominator:
Weighted-average number of common shares - basic (in shares)	149,883,674	149,532,971	149,605,007	150,217,440
Unvested restricted shares (in shares)	422,357	55,741	387,083	133,859
Unvested performance units	622,652	10,241	390,189	3,784
Weighted-average number of common shares - diluted (in shares)	150,928,683	149,598,953	150,382,279	150,355,083
Earnings Per Share, Basic	$ 0.16	$ 0.15	$ 0.12	$ 0.12
Earnings Per Share, Diluted	$ 0.16	$ 0.15	$ 0.12	$ 0.12

Segment Information - Operating Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 382,988	$ 363,103	$ 722,965	$ 691,222
Operating expenses	239,072	226,120	464,066	443,173
Property tax, insurance and other	26,784	26,490	53,756	53,693
Reportable Segment
Segment Reporting [Line Items]
Total revenues	382,988	363,103	722,965	691,222
Operating expenses	239,072	226,120	464,066	443,173
Property tax, insurance and other	26,784	26,490	53,756	53,693
Other, net	(2,485)	(2,895)	(4,397)	(4,943)
Hotel EBITDA	119,617	113,388	209,540	199,299
Room Revenue
Segment Reporting [Line Items]
Revenue	311,760	296,101	587,017	563,755
Operating expenses	77,931	74,565	150,663	145,416
Room Revenue \| Reportable Segment
Segment Reporting [Line Items]
Revenue	311,760	296,101	587,017	563,755
Operating expenses	77,931	74,565	150,663	145,416
Food and Beverage Revenue
Segment Reporting [Line Items]
Revenue	43,735	41,934	83,452	79,447
Operating expenses	32,093	30,375	62,855	59,664
Food and Beverage Revenue \| Reportable Segment
Segment Reporting [Line Items]
Revenue	43,735	41,934	83,452	79,447
Operating expenses	32,093	30,375	62,855	59,664
Other Revenue
Segment Reporting [Line Items]
Revenue	27,493	25,068	52,496	48,020
Operating expenses	99,727	92,787	196,153	184,498
Other Revenue \| Reportable Segment
Segment Reporting [Line Items]
Revenue	27,493	25,068	52,496	48,020
Operating expenses	99,727	92,787	196,153	184,498
Management And Franchise Fee Expense
Segment Reporting [Line Items]
Operating expenses	29,321	28,393	54,395	53,595
Management And Franchise Fee Expense \| Reportable Segment
Segment Reporting [Line Items]
Operating expenses	$ 29,321	$ 28,393	$ 54,395	$ 53,595

Segment Information - Reconciliation of Segment Operating Income (Loss) to the Company's (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Income before income tax expense	$ 31,614	$ 28,970	$ 31,529	$ 32,436
Depreciation and amortization	47,496	46,363	94,691	92,151
General and administrative	13,424	11,138	26,403	23,784
Loss (gain) on sale of hotel properties, net	116	378	3,763	(943)
Reportable Segment
Segment Reporting [Line Items]
Income before income tax expense	31,614	28,970	31,529	32,436
Depreciation and amortization	47,496	46,363	94,691	92,151
Interest expense, net of interest income	24,851	24,515	49,590	48,812
General and administrative	13,424	11,138	26,403	23,784
Loss (gain) on sale of hotel properties, net	116	378	3,763	(943)
Other, net	2,116	2,024	3,564	3,059
Hotel EBITDA	$ 119,617	$ 113,388	$ 209,540	$ 199,299

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (j)
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-Topic 280
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Investment in hotel properties, net	$ 4,047,317	$ 4,112,387
Investment in unconsolidated joint ventures	7,494	7,357
Cash and cash equivalents	937,599	410,160
Restricted cash reserves	35,768	31,901
Hotel and other receivables, net of allowance of $96 and $170, respectively	30,024	29,643
Lease right-of-use assets	122,785	123,524
Prepaid expense and other assets	52,699	27,158
Total assets	5,233,686	4,742,130
Liabilities and Equity
Debt, net	2,695,154	2,197,218
Accounts payable and other liabilities	156,580	141,568
Advance deposits and deferred revenue	46,400	51,029
Lease liabilities	119,262	118,189
Accrued interest	20,470	20,532
Distributions payable	30,893	30,934
Total liabilities	3,068,759	2,559,470
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Preferred shares	366,936	366,936
Common shares	1,524	1,511
Additional paid-in capital	2,982,795	2,977,616
Distributions in excess of net earnings	(1,206,064)	(1,178,456)
Accumulated other comprehensive income	6,738	1,919
Total shareholders’ equity	2,151,929	2,169,526
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	5,570	5,696
Noncontrolling interest in consolidated joint ventures	7,428	7,438
Total noncontrolling interests	12,998	13,134
Total equity	2,164,927	2,182,660
Total liabilities and equity	$ 5,233,686	$ 4,742,130
Common shares of beneficial interest, shares issued	152,375,872	151,085,078
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 382,988	$ 363,103	$ 722,965	$ 691,222
Expenses
Operating expenses	239,072	226,120	464,066	443,173
Depreciation and amortization	47,496	46,363	94,691	92,151
Property tax, insurance and other	26,784	26,490	53,756	53,693
General and administrative	13,424	11,138	26,403	23,784
Transaction costs	692	56	724	112
Total operating expenses	327,468	310,167	639,640	612,913
Other income, net	987	1,148	1,819	2,036
Interest income	3,265	3,361	6,203	6,616
Interest expense	(28,116)	(27,876)	(55,793)	(55,428)
(Loss) gain on sale of hotel properties, net	(116)	(378)	(3,763)	943
Loss on extinguishment of indebtedness, net	(26)	(34)	(399)	(34)
Income before equity in income (loss) from unconsolidated joint ventures	31,514	29,157	31,392	32,442
Equity in income (loss) from unconsolidated joint ventures	100	(187)	137	(6)
Income before income tax expense	31,614	28,970	31,529	32,436
Income tax expense	(286)	(339)	(550)	(633)
Net income	31,328	28,631	30,979	31,803
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership	(128)	(113)	(94)	(96)
Noncontrolling interest in consolidated joint ventures	(164)	(65)	10	108
Net income attributable to RLJ	31,036	28,453	30,895	31,815
Preferred dividends	(6,279)	(6,279)	(12,557)	(12,557)
Net income attributable to common shareholders	$ 24,757	$ 22,174	$ 18,338	$ 19,258
Basic per common share data:
Earnings Per Share, Basic	$ 0.16	$ 0.15	$ 0.12	$ 0.12
Weighted-average number of common shares - basic (in shares)	149,883,674	149,532,971	149,605,007	150,217,440
Diluted per common share data:
Earnings Per Share, Diluted	$ 0.16	$ 0.15	$ 0.12	$ 0.12
Weighted-average number of common shares - diluted (in shares)	150,928,683	149,598,953	150,382,279	150,355,083
Comprehensive income:
Net income	$ 31,328	$ 28,631	$ 30,979	$ 31,803
Unrealized gain (loss) on interest rate derivatives	2,164	(3,379)	4,819	(8,675)
Comprehensive income	33,492	25,252	35,798	23,128
Noncontrolling interest in the Operating Partnership	(128)	(113)	(94)	(96)
Noncontrolling interest in consolidated joint ventures	(164)	(65)	10	108
Comprehensive income attributable to RLJ	33,200	25,074	35,714	23,140
Accumulated Other Comprehensive Income
Comprehensive income:
Unrealized gain (loss) on interest rate derivatives	2,164	(3,379)	4,819	(8,675)
Room Revenue
Revenues
Revenue	311,760	296,101	587,017	563,755
Expenses
Operating expenses	77,931	74,565	150,663	145,416
Food and Beverage Revenue
Revenues
Revenue	43,735	41,934	83,452	79,447
Expenses
Operating expenses	32,093	30,375	62,855	59,664
Other Revenue
Revenues
Revenue	27,493	25,068	52,496	48,020
Expenses
Operating expenses	99,727	92,787	196,153	184,498
Management And Franchise Fee Expense
Expenses
Operating expenses	$ 29,321	$ 28,393	$ 54,395	$ 53,595

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
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 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 June 30, 2026 and December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2026

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	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	$	—	$	50,000	$	—	$	146
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		1,031		697
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		53		(147)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		121		(48)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		51		(150)
Swap-cash flow-Daily SOFR	3.10%	July 2025	July 2027	25,000		25,000		215		87
Swap-cash flow-Daily SOFR	3.20%	January 2025	January 2028	25,000		25,000		283		43
Swap-cash flow-Daily SOFR	3.40%	January 2025	January 2028	25,000		25,000		205		(60)
Swap-cash flow-Daily SOFR	3.30%	October 2025	October 2028	25,000		25,000		336		(9)
Swap-cash flow-Daily SOFR	3.30%	January 2025	January 2029	25,000		25,000		358		(5)
Swap-cash flow-Daily SOFR	3.19%	January 2026	January 2029	25,000		25,000		427		64
Swap-cash flow-Daily SOFR	3.25%	January 2026	January 2029	50,000		50,000		778		39
Swap-cash flow-Daily SOFR	3.29%	January 2026	January 2029	50,000		50,000		726		(22)
Swap-cash flow-Daily SOFR	3.00%	April 2026	April 2029	25,000		25,000		585		183
Swap-cash flow-Daily SOFR	3.05%	April 2026	April 2029	25,000		25,000		551		147
Swap-cash flow-Daily SOFR (1)	3.55%	June 2026	April 2029	65,000		65,000		553		453
Swap-cash flow-Daily SOFR (2)	3.52%	June 2026	April 2029	60,000		60,000		559		501
				$	625,000	$	675,000	$	6,832	$	1,919

(1)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.85% to 3.55%. The Company dedesignated the original cash flow hedge, and $0.5 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.

(2)In June 2026, the Company terminated the original swap and entered into a new swap with the same notional amount, extending the maturity date from April 2027 to April 2029 and increasing the swap rate from 2.75% to 3.52%. The Company dedesignated the original cash flow hedge, and $0.6 million of unrealized gains in accumulated other comprehensive income will be reclassified to earnings over the remaining term of the original swap. The new swap was designated as a cash flow hedge upon inception. Its initial fair value of $0.6 million was recorded in accumulated other comprehensive income and will be reclassified to earnings over the remaining term of the new swap. The amounts presented for December 31, 2025 relate to the terminated swap.

As of June 30, 2026 and December 31, 2025, the aggregate fair value of the interest rate swap assets of $6.8 million and $2.4 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2025, the aggregate fair value of the interest rate swap liabilities of $0.4 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

As of June 30, 2026 and December 31, 2025, there was approximately $6.7 million and $1.9 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 six month periods ended June 30, 2026 or 2025. For the three and six months ended June 30, 2026, gains of approximately $0.8 million and $1.5 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and six months ended June 30, 2025, gains of approximately $2.8 million and $5.5 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $4.4 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2026 is expected to be reclassified into earnings within the next 12 months.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company drew $494.0 million on its delayed draw term loans on June 30, 2026. The Company subsequently used these borrowings, as well as other incremental borrowings from the 2026 Refinancing Transactions, to repay the 2026 Senior Notes at maturity on July 1, 2026, as discussed in Note 6, Debt.

Sale of Hotel Properties - Schedule of Property Disposed of During Period (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net	$ 12,623	$ 23,782

- Definition

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

+ References

+ Details

General (Details)	6 Months Ended
General (Details)	Jun. 30, 2026 property room state shares
Sale of Stock
OP units outstanding (in units) \| shares	153,146,802
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	92
Number of hotel rooms owned \| room	20,600
Number of states in which hotels owned by the entity are located \| state	23
Wholly Owned Properties
Sale of Stock
Number of real estate properties	90
Hotel property ownership interest (as a percent)	100.00%
Partially Owned Properties
Sale of Stock
Number of real estate properties	1
Partially Owned Properties \| Ninety Five Percent Owned
Sale of Stock
Hotel property ownership interest (as a percent)	95.00%
Partially Owned Properties \| Fifty Percent Owned
Sale of Stock
Hotel property ownership interest (as a percent)	50.00%
Unconsolidated Properties
Sale of Stock
Number of real estate properties	1
Unconsolidated Properties \| Fifty Percent Owned
Sale of Stock
Indirect, noncontrolling interest (as a percent)	50.00%
Consolidated Properties
Sale of Stock
Number of real estate properties	91
Leased Hotel Properties
Sale of Stock
Number of real estate properties	91

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

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


	For the three months ended June 30, 2026								For the three months ended June 30, 2025
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Northern California	$	41,292	$	3,952	$	2,478	$	47,722	$	38,308	$	3,499	$	2,250	$	44,057
Southern California	35,501		4,764		4,940		45,205		34,290		4,466		4,288		43,044
South Florida	30,661		5,812		3,350		39,823		27,982		5,217		2,943		36,142
New York City	20,363		3,440		1,053		24,856		19,230		3,257		934		23,421
Chicago	18,390		2,533		1,052		21,975		15,977		2,376		975		19,328
Louisville	12,854		5,586		931		19,371		13,394		5,750		875		20,019
Washington, DC	18,032		378		673		19,083		16,830		318		807		17,955
Charleston	13,337		3,762		1,159		18,258		12,481		3,443		1,000		16,924
Boston	14,959		1,226		716		16,901		15,124		1,449		616		17,189
Houston	12,971		838		1,110		14,919		12,483		934		1,156		14,573





Other	93,400		11,444		10,031		114,875		90,002		11,225		9,224		110,451
Total	$	311,760	$	43,735	$	27,493	$	382,988	$	296,101	$	41,934	$	25,068	$	363,103


	For the six months ended June 30, 2026								For the six months ended June 30, 2025
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Northern California	$	85,952	$	8,445	$	4,837	$	99,234	$	73,419	$	6,962	$	4,263	$	84,644
South Florida	75,229		12,359		6,560		94,148		68,570		11,359		5,978		85,907
Southern California	65,828		9,597		9,186		84,611		65,167		9,132		7,726		82,025
New York City	33,555		5,185		2,041		40,781		31,520		4,906		1,730		38,156
Chicago	27,196		4,325		1,765		33,286		24,677		4,251		1,603		30,531
Louisville	21,044		9,989		1,739		32,772		22,415		10,330		1,790		34,535
Charleston	22,368		7,119		2,196		31,683		21,077		6,164		1,898		29,139
Washington, DC	29,782		590		1,210		31,582		29,539		483		1,598		31,620
Houston	26,938		1,736		2,207		30,881		25,692		2,042		2,331		30,065

Boston	21,512		2,047		1,247		24,806		22,598		2,440		1,075		26,113




Other	177,613		22,060		19,508		219,181		179,081		21,378		18,028		218,487
Total	$	587,017	$	83,452	$	52,496	$	722,965	$	563,755	$	79,447	$	48,020	$	691,222

- 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

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-Topic 606
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+ Details

General	6 Months Ended
General	Jun. 30, 2026
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 June 30, 2026, there were 153,146,802 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 June 30, 2026, the Company owned 92 hotel properties with approximately 20,600 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 90 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 91 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 91 of the 92 hotel properties to its taxable REIT subsidiaries ("TRSs"), of which the Company owns a controlling financial interest.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 30,979	$ 31,803
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss (gain) on sale of hotel properties, net	3,763	(943)
Loss on extinguishment of indebtedness, net	399	34
Depreciation and amortization	94,691	92,151
Amortization of deferred financing costs	3,812	3,732
Non-cash lease expense and other amortization	1,647	2,117
Equity in (income) loss from unconsolidated joint ventures	(137)	6
Amortization of share-based compensation	7,699	7,237
Changes in assets and liabilities:
Hotel and other receivables, net	(382)	(2,275)
Prepaid expense and other assets	(16,838)	(17,656)
Accounts payable and other liabilities	19,851	5,237
Advance deposits and deferred revenue	(4,610)	(3,554)
Accrued interest	(62)	(269)
Net cash flow provided by operating activities	140,812	117,620
Cash flows from investing activities
Proceeds from sales of hotel properties, net	12,623	23,782
Improvements and additions to hotel properties and other assets	(49,037)	(81,968)
Net cash flow used in investing activities	(36,414)	(58,186)
Cash flows from financing activities
Borrowings on Term Loans	494,000	100,000
Repayments of mortgage loans	(13,750)	0
Repurchase of common shares under share repurchase programs	0	(27,192)
Repurchase of common shares to satisfy employee tax withholding requirements	(3,502)	(3,556)
Distributions on preferred shares	(12,557)	(12,557)
Distributions on common shares	(45,988)	(46,018)
Distributions on and redemption of Operating Partnership units	(220)	(214)
Payments of deferred financing costs	(14,475)	(2,060)
Repayment of Revolver	0	100,000
Proceeds from mortgage loan	23,400	0
Net cash flow provided by (used in) financing activities	426,908	(91,597)
Net change in cash, cash equivalents, and restricted cash reserves	531,306	(32,163)
Cash, cash equivalents, and restricted cash reserves, beginning of period	442,061	433,325
Cash, cash equivalents, and restricted cash reserves, end of period	$ 973,367	$ 401,162

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Hotel and other receivables, allowance	$ 96	$ 170
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred shares, liquidation 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	152,375,872	151,085,078
Common shares of beneficial interest, shares outstanding	152,375,872	151,085,078
Series A Cumulative Preferred Stock
Statement [Line Items]
Preferred shares, par value (in dollars 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

Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

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	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Swap-cash flow-Daily SOFR	0.56%	July 2021	January 2026	$	—	$	50,000	$	—	$	146
Swap-cash flow-Daily SOFR	2.95%	April 2024	April 2027	125,000		125,000		1,031		697
Swap-cash flow-Daily SOFR	3.70%	July 2024	July 2027	25,000		25,000		53		(147)
Swap-cash flow-Daily SOFR	3.45%	July 2024	July 2027	25,000		25,000		121		(48)
Swap-cash flow-Daily SOFR	3.71%	July 2024	July 2027	25,000		25,000		51		(150)
Swap-cash flow-Daily SOFR	3.10%	July 2025	July 2027	25,000		25,000		215		87
Swap-cash flow-Daily SOFR	3.20%	January 2025	January 2028	25,000		25,000		283		43
Swap-cash flow-Daily SOFR	3.40%	January 2025	January 2028	25,000		25,000		205		(60)
Swap-cash flow-Daily SOFR	3.30%	October 2025	October 2028	25,000		25,000		336		(9)
Swap-cash flow-Daily SOFR	3.30%	January 2025	January 2029	25,000		25,000		358		(5)
Swap-cash flow-Daily SOFR	3.19%	January 2026	January 2029	25,000		25,000		427		64
Swap-cash flow-Daily SOFR	3.25%	January 2026	January 2029	50,000		50,000		778		39
Swap-cash flow-Daily SOFR	3.29%	January 2026	January 2029	50,000		50,000		726		(22)
Swap-cash flow-Daily SOFR	3.00%	April 2026	April 2029	25,000		25,000		585		183
Swap-cash flow-Daily SOFR	3.05%	April 2026	April 2029	25,000		25,000		551		147
Swap-cash flow-Daily SOFR (1)	3.55%	June 2026	April 2029	65,000		65,000		553		453
Swap-cash flow-Daily SOFR (2)	3.52%	June 2026	April 2029	60,000		60,000		559		501
				$	625,000	$	675,000	$	6,832	$	1,919

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026								For the three months ended June 30, 2025
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Northern California	$	41,292	$	3,952	$	2,478	$	47,722	$	38,308	$	3,499	$	2,250	$	44,057
Southern California	35,501		4,764		4,940		45,205		34,290		4,466		4,288		43,044
South Florida	30,661		5,812		3,350		39,823		27,982		5,217		2,943		36,142
New York City	20,363		3,440		1,053		24,856		19,230		3,257		934		23,421
Chicago	18,390		2,533		1,052		21,975		15,977		2,376		975		19,328
Louisville	12,854		5,586		931		19,371		13,394		5,750		875		20,019
Washington, DC	18,032		378		673		19,083		16,830		318		807		17,955
Charleston	13,337		3,762		1,159		18,258		12,481		3,443		1,000		16,924
Boston	14,959		1,226		716		16,901		15,124		1,449		616		17,189
Houston	12,971		838		1,110		14,919		12,483		934		1,156		14,573





Other	93,400		11,444		10,031		114,875		90,002		11,225		9,224		110,451
Total	$	311,760	$	43,735	$	27,493	$	382,988	$	296,101	$	41,934	$	25,068	$	363,103


	For the six months ended June 30, 2026								For the six months ended June 30, 2025
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Northern California	$	85,952	$	8,445	$	4,837	$	99,234	$	73,419	$	6,962	$	4,263	$	84,644
South Florida	75,229		12,359		6,560		94,148		68,570		11,359		5,978		85,907
Southern California	65,828		9,597		9,186		84,611		65,167		9,132		7,726		82,025
New York City	33,555		5,185		2,041		40,781		31,520		4,906		1,730		38,156
Chicago	27,196		4,325		1,765		33,286		24,677		4,251		1,603		30,531
Louisville	21,044		9,989		1,739		32,772		22,415		10,330		1,790		34,535
Charleston	22,368		7,119		2,196		31,683		21,077		6,164		1,898		29,139
Washington, DC	29,782		590		1,210		31,582		29,539		483		1,598		31,620
Houston	26,938		1,736		2,207		30,881		25,692		2,042		2,331		30,065

Boston	21,512		2,047		1,247		24,806		22,598		2,440		1,075		26,113




Other	177,613		22,060		19,508		219,181		179,081		21,378		18,028		218,487
Total	$	587,017	$	83,452	$	52,496	$	722,965	$	563,755	$	79,447	$	48,020	$	691,222

Equity Incentive Plan

6 Months Ended

Jun. 30, 2026

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 2026 Equity Incentive Plan (the "2026 Plan"), which was approved by the Company's shareholders on April 24, 2026. The 2026 Plan provides for a maximum of 8,731,417 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, performance awards, long-term incentive units, other equity-based awards and cash.

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 June 30, 2026 is as follows:


	2026
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2026	1,971,739	$	9.51
Granted	1,379,191	8.41
Vested	(885,202)	9.92
Forfeited	(5,347)	7.76
Unvested at June 30, 2026	2,460,381	$	8.75

For the three and six months ended June 30, 2026, the Company recognized approximately $2.2 million and $4.3 million, respectively, of share-based compensation expense related to restricted share awards. For the three and six months ended June 30, 2025, the Company recognized approximately $2.2 million and $4.5 million, respectively, of share-based compensation expense related to restricted share awards. As of June 30, 2026, there was $18.1 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.1 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the six months ended June 30, 2026 and 2025 was approximately $7.1 million and $7.3 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 through 2026 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 award agreements. 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 award agreements.

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 2023 (1)	574,846	$16.90	0% to 200%	4.33%	66.70%
February 2024	703,325	$15.13	0% to 200%	4.43%	35.60%
March 2025	832,322	$11.45	0% to 200%	4.01%	31.10%
May 2026	1,027,585	$12.11	0% to 200%	3.88%	29.20%

For the three and six months ended June 30, 2026, the Company recognized approximately $1.8 million and $3.4 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and six months ended June 30, 2025, the Company recognized approximately $0.7 million and $2.7 million, respectively, of share-based compensation expense related to the performance unit awards. As of June 30, 2026, there was $18.3 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.1 years.

As of June 30, 2026, there were 3,757,205 common shares available for future grant under the 2026 Plan, which includes potential common shares that may convert from performance units if certain target criterion is met.

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

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


	June 30, 2026		December 31, 2025
Senior Notes, net	$	997,583	$	996,401
Revolver Outstanding	—		—
Term Loans, net	1,507,719		1,020,057
Mortgage loans, net	189,852		180,760
Debt, net	$	2,695,154	$	2,197,218

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	June 30, 2026		December 31, 2025
2029 Senior Notes (1)	4.00%	September 2029	$	500,000	$	500,000
2026 Senior Notes (1)(2)	3.75%	July 2026	500,000		500,000
			1,000,000		1,000,000
Deferred financing costs, net			(2,417)		(3,599)
Total senior notes, net			$	997,583	$	996,401

(1) Requires payment of interest only through maturity.

(2) The Company repaid the 2026 Senior Notes at maturity on July 1, 2026, using the incremental proceeds from the 2026 Refinancing Transactions.

Schedule Of Debt Instrument Covenants

A summary of the various restrictive covenants for the 2029 Senior Notes are as follows:

Covenant

Compliance

June 30, 2026

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 such covenants is as follows:

Covenant

Compliance

June 30, 2026

Leverage ratio (1)

<= 7.25x

Yes

Fixed charge coverage ratio (2)

>= 1.50x

Yes

Secured indebtedness ratio

<= 45.0%

Yes

Unencumbered indebtedness ratio (3)

<= 60.0%

Yes

Unencumbered debt service coverage ratio

>= 2.00x

Yes

(3)The maximum level may be increased to 65.0% for up to four quarters following a material acquisition.

Schedule of Revolver and Term Loans

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


			Carrying Value at
	Interest Rate at June 30, 2026 (1)	Maturity Date	June 30, 2026		December 31, 2025
Revolver (2)	—%	February 2030	$	—	$	—




$500 Million Term Loan Maturing 2027	5.06%	September 2027 (3)	500,000		500,000
$300 Million Term Loan Maturing 2028	5.40%	April 2028 (3)	300,000		300,000
$569 Million Term Loan Maturing 2031 (4)	5.40%	February 2031	569,000		225,000
$150 Million Term Loan Maturing 2033 (5)	5.80%	February 2033	150,000		—
			1,519,000		1,025,000
Deferred financing costs, net (6)			(11,281)		(4,943)
Total Revolver and Term Loans, net			$	1,507,719	$	1,020,057

(1)Interest rate at June 30, 2026 gives effect to interest rate hedges.

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

(5)In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033 and was fully drawn by the Company on June 30, 2026.

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 June 30, 2026		Maturity Date	June 30, 2026		December 31, 2025
Mortgage loan (1)	3	5.17%	(3)	April 2029	$	91,700	$	69,750
Mortgage loan (1)	4	5.16%	(3)	April 2029	72,700		85,000
Mortgage loan (2)	1	5.06%		January 2029	25,932		26,112




	8				190,332		180,862
Deferred financing costs, net					(480)		(102)
Total mortgage loans, net					$	189,852	$	180,760

(3)Interest rate at June 30, 2026 gives effect to interest rate hedges.

Schedule of Interest Expense Components

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


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Senior Notes	$	9,688	$	9,688	$	19,375	$	19,375
Revolver and Term Loans	14,167		13,757		28,138		27,292
Mortgage loans	2,396		2,386		4,523		4,741
Amortization of deferred financing costs	1,920		1,901		3,812		3,732
Non-cash interest expense related to interest rate hedges	(78)		144		(78)		288
Undesignated interest rate caps	23		—		23		—
Total interest expense	$	28,116	$	27,876	$	55,793	$	55,428

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

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

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares of beneficial interest, shares outstanding			153,295,577
Balance (in shares) at Dec. 31, 2024		12,879,475
Balance at Dec. 31, 2024	$ 2,298,277	$ 366,936	$ 1,533	$ 2,992,487	$ (1,090,186)	$ 13,788	$ 6,130	$ 7,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	31,815
Net income (loss)	31,803				31,815		96	(108)
Unrealized gain (loss) on interest rate derivatives	(8,675)					(8,675)
Issuance of restricted stock (in shares)			1,587,600
Issuance of restricted stock	0		$ 16	(16)
Amortization of share-based compensation	8,124			8,124
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock			$ (5)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(394,485)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(3,556)			(3,551)
Shares acquired as part of a share repurchase program (in shares)			(3,119,463)
Shares acquired as part of a share repurchase program	(27,192)		$ (31)	(27,161)
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			125,665
Forfeiture of restricted stock	0		$ (1)	1
Distributions on preferred shares	(12,557)				(12,557)
Distributions on common shares and units	(45,989)				(45,775)		(214)
Balance (in shares) at Jun. 30, 2025		12,879,475	151,243,564
Balance at Jun. 30, 2025	2,240,235	$ 366,936	$ 1,512	2,969,884	(1,116,703)	5,113	6,012	7,481
Balance (in shares) at Mar. 31, 2025		12,879,475	151,926,642
Balance at Mar. 31, 2025	2,247,613	$ 366,936	$ 1,519	2,973,288	(1,116,044)	8,492	6,006	7,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	28,453				28,453
Net income (loss)	28,631						113	65
Unrealized gain (loss) on interest rate derivatives	(3,379)					(3,379)
Issuance of restricted stock (in shares)			389,849
Issuance of restricted stock	0		$ 5	(5)
Amortization of share-based compensation	3,394			3,394
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock			$ (2)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(60,848)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(428)			(426)
Shares acquired as part of a share repurchase program (in shares)			(886,414)
Shares acquired as part of a share repurchase program	(6,377)		$ (9)	(6,368)
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			125,665
Forfeiture of restricted stock	0		$ (1)	1
Distributions on preferred shares	(6,279)				(6,279)
Distributions on common shares and units	(22,940)				(22,833)		(107)
Balance (in shares) at Jun. 30, 2025		12,879,475	151,243,564
Balance at Jun. 30, 2025	$ 2,240,235	$ 366,936	$ 1,512	2,969,884	(1,116,703)	5,113	6,012	7,481
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares of beneficial interest, shares outstanding			151,243,564
Common shares of beneficial interest, shares outstanding	151,085,078		151,085,078
Balance (in shares) at Dec. 31, 2025		12,879,475
Balance at Dec. 31, 2025	$ 2,182,660	$ 366,936	$ 1,511	2,977,616	(1,178,456)	1,919	5,696	7,438
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	30,895
Net income (loss)	30,979				30,895		94	(10)
Unrealized gain (loss) on interest rate derivatives	4,819					4,819
Issuance of restricted stock (in shares)			1,741,602
Issuance of restricted stock	0		$ 17	(17)
Amortization of share-based compensation	8,694			8,694
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock			$ (4)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(445,461)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(3,502)			(3,498)
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			5,347
Distributions on preferred shares	(12,557)				(12,557)
Stock Issued During Period, Value, Conversion of Units	7						7
Distributions on common shares and units	(46,159)				(45,946)		(213)
Balance (in shares) at Jun. 30, 2026		12,879,475	152,375,872
Balance at Jun. 30, 2026	2,164,927	$ 366,936	$ 1,524	2,982,795	(1,206,064)	6,738	5,570	7,428
Balance (in shares) at Mar. 31, 2026		12,879,475	151,975,812
Balance at Mar. 31, 2026	2,156,806	$ 366,936	$ 1,520	2,978,612	(1,207,648)	4,574	5,548	7,264
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	31,036				31,036
Net income (loss)	31,328						128	164
Unrealized gain (loss) on interest rate derivatives	2,164					2,164
Issuance of restricted stock (in shares)			451,493
Issuance of restricted stock	0		$ 4	(4)
Amortization of share-based compensation	4,554			4,554
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(46,086)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(367)			(367)
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			5,347
Distributions on preferred shares	(6,279)				(6,279)
Distributions on common shares and units	(23,279)				(23,173)		(106)
Balance (in shares) at Jun. 30, 2026		12,879,475	152,375,872
Balance at Jun. 30, 2026	$ 2,164,927	$ 366,936	$ 1,524	$ 2,982,795	$ (1,206,064)	$ 6,738	$ 5,570	$ 7,428
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares of beneficial interest, shares outstanding	152,375,872		152,375,872

Supplemental Information to Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows


	For the six months ended June 30,
	2026		2025
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	937,599	$	373,896
Restricted cash reserves	35,768		27,266
Cash, cash equivalents, and restricted cash reserves	$	973,367	$	401,162

Interest paid	$	52,031	$	51,780

Income taxes paid	$	739	$	871

Operating cash flow lease payments for operating leases	$	6,995	$	7,020



Right-of-use asset and lease liability adjustments due to remeasurement	$	1,523	$	—



Supplemental investing and financing transactions







In connection with the sales of hotel properties, the Company recorded the following:
Sales price	$	13,187	$	24,250
Transaction costs	(559)		(446)
Operating prorations	(5)		(22)

Proceeds from sales of hotel properties, net	$	12,623	$	23,782

Supplemental non-cash transactions
Accrued capital expenditures	$	15,979	$	22,698
Distributions payable	$	30,893	$	30,390

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 937,599	$ 373,896	$ 410,160
Restricted cash reserves	35,768	27,266	31,901
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	973,367	401,162	442,061	$ 433,325
Interest paid	52,031	51,780
Income taxes paid	739	871
Operating Lease, Payments	6,995	7,020
Right-of-use asset and lease liability adjustments due to remeasurement	1,523	0
In connection with the sales of hotel properties, the Company recorded the following:
Sales price	13,187	24,250
Transaction costs	(559)	(446)
Operating prorations	(5)	(22)
Proceeds from sales of hotel properties, net	12,623	23,782
Supplemental non-cash transactions
Accrued capital expenditures	15,979	22,698
Distributions payable	$ 30,893	$ 30,390	$ 30,934

Supplemental Information to Statements of Cash Flows

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)


	For the six months ended June 30,
	2026		2025
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	937,599	$	373,896
Restricted cash reserves	35,768		27,266
Cash, cash equivalents, and restricted cash reserves	$	973,367	$	401,162

Interest paid	$	52,031	$	51,780

Income taxes paid	$	739	$	871

Operating cash flow lease payments for operating leases	$	6,995	$	7,020



Right-of-use asset and lease liability adjustments due to remeasurement	$	1,523	$	—



Supplemental investing and financing transactions







In connection with the sales of hotel properties, the Company recorded the following:
Sales price	$	13,187	$	24,250
Transaction costs	(559)		(446)
Operating prorations	(5)		(22)

Proceeds from sales of hotel properties, net	$	12,623	$	23,782

Supplemental non-cash transactions
Accrued capital expenditures	$	15,979	$	22,698
Distributions payable	$	30,893	$	30,390