Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics.

	Year Ended December 31, 2023
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	1,478,034	$	—	$	—	$	1,478,034
Rental income	—		395,829		—		395,829
Total revenues	1,478,034		395,829		—		1,873,863
Expenses:
Hotel operating expenses	1,223,906		—		—		1,223,906
Net lease operating expenses	—		17,663		—		17,663
Depreciation and amortization	216,235		167,825		—		384,060
General and administrative	—		—		45,397		45,397
Transaction related costs	—		—		(1,623)		(1,623)
Loss on asset impairment, net	27		9,517		—		9,544
Total expenses	1,440,168		195,005		43,774		1,678,947
Gain on sale of real estate, net	41,861		1,378		—		43,239
Gain on equity securities, net	—		—		48,837		48,837
Interest income	169		118		20,692		20,979
Interest expense	—		(40,920)		(295,422)		(336,342)
Loss on early extinguishment of debt	—		—		(1,524)		(1,524)
Income (loss) before income tax benefit and equity in losses of an investee	79,896		161,400		(271,191)		(29,895)
Income tax benefit	—		—		1,498		1,498
Equity in losses of an investee	—		—		(4,382)		(4,382)
Net income (loss)	$	79,896	$	161,400	$	(274,075)	$	(32,779)

	As of December 31, 2023
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	3,943,213	$	3,084,686	$	328,217	$	7,356,116

	Year Ended December 31, 2022
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	1,467,344	$	—	$	—	$	1,467,344
Rental income	—		395,667		—		395,667
Total revenues	1,467,344		395,667		—		1,863,011
Expenses:
Hotel operating expenses	1,227,357		—		—		1,227,357
Net lease operating expenses	—		13,176		—		13,176
Depreciation and amortization	221,416		179,692		—		401,108
General and administrative	—		—		44,404		44,404
Transaction related costs	—		—		1,920		1,920
Loss on asset impairment	10,537		452		—		10,989
Total expenses	1,459,310		193,320		46,324		1,698,954
Gain (loss) on sale of real estate, net	48,202		(384)		—		47,818
Loss on equity securities, net	—		—		(8,104)		(8,104)
Interest income	24		29		3,326		3,379
Interest expense	—		—		(341,795)		(341,795)
Loss on early extinguishment of debt	—		—		(791)		(791)
Income (loss) before income tax benefit and equity in earnings of an investee	56,260		201,992		(393,688)		(135,436)
Income tax benefit	—		—		199		199
Equity in earnings of an investee	—		—		2,856		2,856
Net income (loss)	$	56,260	$	201,992	$	(390,633)	$	(132,381)

	As of December 31, 2022
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	3,882,701	$	3,376,295	$	229,195	$	7,488,191

	Year Ended December 31, 2021
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	1,104,678	$	—	$	—	$	1,104,678
Rental income	1,808		389,094		—		390,902
Total revenues	1,106,486		389,094		—		1,495,580
Expenses:
Hotel operating expenses	1,010,737		—		—		1,010,737
Net lease operating expenses	—		15,658		—		15,658
Depreciation and amortization	266,641		219,324		—		485,965
General and administrative	—		—		53,439		53,439
Transaction related costs	64,764		—		—		64,764
Loss on asset impairment	60,980		17,640		—		78,620
Total expenses	1,403,122		252,622		53,439		1,709,183
Gain on sale of real estate, net	9,558		1,964		—		11,522
Gain on equity securities, net	—		—		22,535		22,535
Interest income	1		—		663		664
Interest expense	—		—		(365,721)		(365,721)
(Loss) income before income tax benefit and equity in losses of an investee	(287,077)		138,436		(395,962)		(544,603)
Income tax benefit	—		—		941		941
Equity in losses of an investee	—		—		(941)		(941)
Net (loss) income	$	(287,077)	$	138,436	$	(395,962)	$	(544,603)

	As of December 31, 2021
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,487,101	$	3,580,095	$	1,086,119	$	9,153,315