Summit Hotel Properties, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
INN$7.00+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-24.
0001497645-25-000013
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001497645-26-000015
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 147 previous paragraphs and 145 current paragraphs.
71 unchanged; 47 reworded; 25 added; 27 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 9 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
In February 2025, we closed on the sale of a 5.99-acre parcel of undeveloped land in San Antonio, TX for a selling price of $1.3 million, which approximated its carrying amount.
Current report
In October 2025, the GIC Joint Venture completed the sale of the 107-guestroom Courtyard by Marriott, Amarillo, Texas for a selling price of $20.0 million, which resulted in a gain of approximately $4.2 million.
Current report
In October 2025, we completed the sale of the 123-guestroom Courtyard by Marriott in Kansas City, MO for a selling price of $19 million, which resulted in a gain of approximately $2.5 million.
Current report
In November 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 122-guestroom Hilton Garden Inn, Longview, TX for a selling price of $12.3 million. We reclassified the carrying value of the property to Assets held for sale, net at December 31, 2025 and recorded a write-down of $1.8 million in the fourth quarter of 2025 for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 20, 2026 under the terms described above.
Current report
(1) Same-store information includes operating results for 93 hotels owned by the Company as of January 1, 2024, and at all times during the years ended December 31, 2025, and 2024.
Current report
•Property Taxes, Insurance and Other. The $0.6 million increase in Property taxes, insurance and other during the year ended December 31, 2025 is primarily due to a $1.1 million increase in property taxes as a result of increased property assessment values in certain locations and higher cash refunds in the prior year as a result of successful appeals, a $0.4 million increase in business taxes primarily due to franchise tax refunds received in the prior year, and $0.2 million increase due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Sold Properties, offset by a $1.2 million decrease in insurance premiums in the current year.
Current report
•Interest Income. Interest income decreased by $0.7 million during the year ended December 31, 2025 primarily due to $0.4 million of non-cash interest income related to the amortization of the Onera Purchase Option recorded during the year ended December 31, 2024, which became fully amortized in September 2024, combined with a $0.3 million decrease related to lower average cash balances invested in money market accounts, as well to a decrease in interest rates.
Current report
•Other Income, net. Other income, net for the year ended December 31, 2025 consists primarily of third-party tenant income of $3.1 million, the realization of $2.2 million of tax rebates related to the NCI Transaction and $0.5 million in amortization of key money liabilities, partially offset by a net casualty loss of $1.6 million, $0.3 million of expensed debt transaction costs related to the refinancing of the 2022 GIC Joint Venture Term Loan with the $400 million 2025 GIC Joint Venture Term Loan (both of which are as defined in “Part II - Item 8. -Financial and Supplementary Data - Note 6 - Debt” to the accompanying Consolidated Financial Statements), and $0.9 million of costs related to property manager transitions.
Current report
EBITDAre and Adjusted EBITDAre
Current report
FFO and AFFO
Current report
•In October 2025, the GIC Joint Venture completed the sale of the 107-guestroom Courtyard by Marriott, Amarillo, Texas for a selling price of $20.0 million, which resulted in a gain of approximately $4.2 million.
Current report
•In October 2025, we completed the sale of the 123-guestroom Courtyard by Marriott in Kansas City, MO for a selling price of $19.0 million, which resulted in a gain of approximately $2.5 million.
Current report
•In November 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 122-guestroom Hilton Garden Inn, Longview, TX for a selling price of $12.3 million. We reclassified the carrying value of the property to Assets held for sale, net at December 31, 2025 and recorded a write-down of $1.8 million in the fourth quarter of 2025 for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 20, 2026 under the terms described above.
Current report
Significant changes related to our outstanding debt agreements for the years ended December 31, 2025 and 2024 were as follows:
Current report
•In March 2025, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into a $275 million delayed draw term loan (the 2025 Delayed Draw Term Loan”) with Bank of America, N.A., as administrative agent. The 2025 Delayed Draw Term Loan has an initial maturity date of March 27, 2028 and can be extended by the Company for two 12-month periods, subject to certain conditions. In February 2026, we drew the $275 million balance of the 2025 Delayed Draw Term Loan to refinance a significant portion of our Convertible Notes which matured in February 2026. The 2025 Delayed Draw Term Loan has an accordion feature which allows the Company to increase the total commitments to $325.0 million.
Current report
•In May 2025, the Brickell Joint Venture closed a $58 million mortgage loan (the “Brickell Mortgage Loan”) with Wells Fargo Bank, N.A., as administrative agent, the proceeds of which were primarily used to repay the $45.4 million outstanding balance of the mortgage loan with City National Bank of Florida that was scheduled to mature in June 2025. The Brickell Mortgage Loan provides for an interest rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 260 basis points, which represents a 40 basis point reduction from the previous loan. The Brickell Mortgage Loan will mature in May 2028, and can be extended by the Brickell Joint Venture for two 12-month periods, subject to certain conditions. Subsequent to the closing of the Brickell Mortgage Loan, we entered into a $58.0 million interest rate swap to fix SOFR until May 2028. Pursuant to the interest rate swap, we will pay a fixed rate of 3.57%.
Current report
•In July 2025, the Operating Partnership and the GIC Joint Venture entered into a $400 million term loan with Bank of America, N.A., as administrative agent (the “2025 GIC Joint Venture Term Loan”) to refinance and replace a $410 million senior secured term loan facility (the “2022 GIC Joint Venture Term Loan”) with Bank of America, N.A., that was used as part of the NCI Transaction, (a portfolio of 27 lodging properties, containing an aggregate of 3,709 guestrooms, and two parking structures containing 1,002 spaces, and various financial incentives). The 2025 GIC Joint Venture Term Loan provides for an interest rate equal to SOFR plus 235 basis points, which represents a 50 basis point reduction from the 2022 GIC Joint Venture Term Loan. The 2025 GIC Joint Venture Term Loan will mature on July 24, 2028 and can be extended by the GIC Joint Venture for two 12-month periods, subject to certain conditions.
Current report
•In August 2025, the GIC Joint Venture entered into two $150 million forward starting interest rate swaps to fix one-month term SOFR. The interest rate swaps have an effective date of January 13, 2026 and a termination date of January 13, 2028. The two $150 million interest rate swaps with an average SOFR rate of 3.26% will replace $300 million of existing GIC Joint Venture interest rate swaps with an average SOFR rate of 3.49% scheduled to mature in January 2026.
Current report
•In November 2025, we entered into a $125 million interest rate swap to fix one-month term SOFR. The interest rate swap has an effective date of December 31, 2025 and a termination date of December 31, 2027. This interest rate swap has an interest rate of 3.31% and replaces a $125 million swap with a rate of 2.92% that matured on December 31, 2025.
Current report
•In December 2025, we executed amendments to the $600 Million Senior Credit and Term Loan Facility, the 2024 Term Loan, the 2025 Delayed Draw Term Loan, and the GIC Joint Venture Credit Facility to reduce the interest payable pursuant to each respective credit agreement by removing the 10 basis point credit spread adjustment to the term SOFR rate therein.
Current report
At December 31, 2025, the Brickell Joint Venture had $58.0 million outstanding on the Brickell Mortgage Loan, which is secured by the dual-branded 264-guestroom AC Hotel by Marriott and Element Hotel Miami Brickell.
Current report
(2) The $287.5 million of Convertible Notes were repaid in February 2026 using amounts available on the 2025 Delayed Drawn Term Loan and borrowings on our $400 Million Revolver.
Current report
•Net cash used in investing activities. Cash used in investing activities for the year ended December 31, 2025 was primarily due to $75.5 million of renovation expenditures and $7.5 million of development expenditures, partially offset by $39.7 million in net cash proceeds from the sale of the 107-guestroom Courtyard by Marriott, Amarillo, Texas, the sale of the 123-guestroom Courtyard by Marriott in Kansas City, MO, and the sale of an undeveloped land parcel in San Antonio, TX in February 2025.
Current report
•Net cash used in financing activities. Cash used in financing activities for the year ended December 31, 2025 was primarily due to the payment of dividends and distributions of approximately $82.0 million, repurchases of our common stock of approximately $15.4 million, financing costs of approximately $10.3 million primarily related to the 2025 Delayed Draw Term Loan and the refinancing of the GIC Joint Venture Term Loan, net repayments on our $400 Million Revolver of $10.0 million, net term loan repayments of $5.3 million, $1.6 million related to shares acquired for employee withholding requirements, $1.1 million in scheduled principal payments on mortgage debt, and $0.6 million related to the redemption of certain GIC Joint Venture preferred stock, partially offset by net proceeds from the refinancing of the Brickell Mortgage Loan totaling $12.6 million, and joint venture contributions by our GIC Joint Venture partner of $0.9 million.
Current report
On December 31, 2025, we determined that we no longer qualify as a large-accelerated filer or a well-known seasoned issuer under SEC rules. Accordingly, we are now an accelerated filer for Exchange Act reporting purposes. As a result, our Form 10-K filing deadline is extended to 75 days after year-end, and we are no longer eligible to use automatic shelf registration statements. Any new registration statements will require SEC review prior to effectiveness.
Removed paragraphs (27)
Previous report
In May 2023, we completed the sale of four lodging properties for an aggregate gross selling price of $28.1 million. The sale included two Hyatt Place hotels in the Chicago area containing a total of 277 guestrooms, a Hilton Garden Inn in the Minneapolis area containing 97 guestrooms, and a Holiday Inn Express & Suites in the Minneapolis area containing 93 guestrooms. These lodging properties were classified as Assets held for sale at December 31, 2022 and their carrying values during the year then ended were reduced by $2.9 million to write-down the carrying value of the properties to their net selling price less estimated costs to sell.
Previous report
In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the cash paid at closing, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the cash paid at closing to the GIC Joint Venture, along with $1.0 million of earnest money that was paid from available cash of the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our corporate revolving line of credit.
Previous report
In June 2023, the GIC Joint Venture acquired the Nordic Lodge located in Steamboat Springs, CO containing 47 guestrooms for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our corporate revolving line of credit.
Previous report
In December 2023, we completed the sale of the 123-guestroom Hyatt Place in Baltimore (Owings Mills), MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the hotel property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023.
Previous report
Results of Operations
Previous report
•Property Taxes, Insurance and Other. The $1.1 million decrease in Property taxes, insurance and other during the year ended December 31, 2024 is primarily the result of greater reductions in property tax expenses during the year ended December 31, 2024 compared with the prior year due to successful appeal efforts, coupled with a reduction of state franchise taxes and other tax accruals during the period, partially offset by an increase in insurance costs.
Previous report
•Recoveries of Credit Losses. Recoveries of credit losses for the year ended December 31, 2023 related to the payment in full of our seller-financing loan that was fully reserved. See "Part II – Item 8. –Financial Statements and Supplementary Data – Note 4 – Investment in Real Estate Loans"to the accompanying Consolidated Financial Statements for further information.
Previous report
•Interest Income. Interest income increased by $0.2 million during the year ended December 31, 2024 primarily due to higher weighted average invested cash balances related to the proceeds from the sale of properties.
Previous report
(1) The total equity-based compensation expense for the year ended December 31, 2022 includes $1.3 million of incremental expense related to the modification of certain restricted stock awards as a result of the departure of our Chief Operating Officer.
Previous report
(2) During the year ended December 31, 2022, we earned a $0.4 million promote related to the sale by the GIC Joint Venture of the sale of a 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA for a gross selling price of $75.0 million. The sale of this property resulted in a net gain of $20.5 million to the GIC Joint Venture. Our promote is earned when the internal rate of return to GIC related to capital transactions exceeds a specified investment hurdle rate. We have adjusted this amount from our calculation of AFFO because it relates to the gain on the sale of the property and not on-going operations.
Previous report
(1) The total equity-based compensation expense for the year ended December 31, 2022 includes $1.3 million of incremental expense related to the modification of certain restricted stock awards as a result of the departure of our Chief Operating Officer.
Previous report
(2) During the year ended December 31, 2022, we earned a $0.4 million promote related to the sale by the GIC Joint Venture of the sale of a 169-guestroom Hilton Garden Inn San Francisco Airport North in San Francisco, CA for a gross selling price of $75.0 million. The sale of this property resulted in a net gain of $20.5 million to the GIC Joint Venture. Our promote is earned when the internal rate of return to GIC related to capital transactions exceeds a specified investment hurdle rate. We have adjusted this amount from our calculation of AFFO because it relates to the gain on the sale of the property and not on-going operations.
Previous report
•In May 2023, the Company completed the disposition of four wholly owned hotels containing an aggregate of 467 guestrooms for a gross sales price of $28.1 million.
Previous report
•In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the purchase price, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on the $400 Million Revolver.
Previous report
•In June 2023, the GIC Joint Venture acquired the Nordic Lodge containing 47 guestrooms located in Steamboat Springs, CO for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on the $400 Million Revolver.
Previous report
•In December 2023, we completed the sale of the 123-guestroom Hyatt Place in Owings Mills (Baltimore), MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the lodging property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023.
Previous report
In July 2023, we entered into the 2023 Senior Credit Facility to refinance our prior senior credit facility, including certain key financial covenants, and renewal of our full access to our $400 Million Revolver. The 2023 Senior Credit Facility has an initial maturity of June 2027, which may be extended for a single 12-month period at our option, subject to certain conditions. See “Part II - Item 8. –Financial Statements and Supplementary Data – Note 6 – Debt,” for additional information concerning our prior senior credit facility and subsequent amendments thereto.
Previous report
In September 2023, the GIC Joint Venture refinanced the GIC Joint Venture Credit Facility (the "GIC Joint Venture Credit Refinance"). The GIC Joint Venture Credit Refinance extends the maturity of the $125 Million Revolver and the $125 Million Term Loan (both as defined in “Part II - Item 8. –Financial Statements and Supplementary Data – Note 6 – Debt,”) to an initial maturity date of September 2027, which may be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the GIC Joint Venture Credit Refinance has a fully extended maturity date of September 2028.
Previous report
In June 2022, the Brickell Joint Venture, as borrower, and the Operating Partnership, as the non-recourse guarantor, entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the dual-branded 264-guestroom AC Hotel by Marriott and Element Miami Brickell Hotel in Miami, FL (together the "AC/Element Hotel"). The outstanding balance of the City National Bank Loan was $46.1 million at December 31, 2024. The City National Bank Loan is prepayable at any time without penalty. We expect to complete the refinancing of this loan prior to its maturity date.
Previous report
In June 2022, the Brickell Joint Venture, as borrower, and the Operating Partnership, as the non-recourse guarantor, entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the AC/Element Hotel. The City National Bank Loan provides for an interest rate equal to one-month term SOFR plus 300 basis points. Payment terms include an interest-only period through June 30, 2024 and the loan will amortize on a 25-year schedule from July 1, 2024 through the maturity date of June, 2025. The outstanding balance of the City National Bank Loan was $46.1 million at December 31, 2024. The City National Bank Loan is prepayable at any time without penalty. We expect to complete the refinancing of this loan prior to its maturity date.
Previous report
Cash used in investing activities for the year ended December 31, 2023 was due to the acquisition of the 2023 Acquired Properties, the funding of the Onera Mezzanine Loan (as defined in "Part II - Item 8. -Note 4 - Investment in Real Estate Loans" to the accompanying Consolidated Financial Statements) of $4.6 million, and $89.6 million of renovation expenditures, partially offset by the sale of the 2023 Sold Properties.
Previous report
Cash used in financing activities during the year ended December 31, 2023 was primarily the result of net repayments on our outstanding debt of $17.3 million, financing fees of approximately $10.4 million primarily related to the amendment of our prior senior credit facility that was in effect during the year ended December 31, 2023 that was replaced by the 2024 Senior Credit Facility, dividends and distributions of approximately $58.2 million, and $1.4 million related to shares acquired for employee withholding requirements, partially offset by contributions by our GIC Joint Venture partner of $20.6 million, and net proceeds from the sale of non-controlling interests of $1.0 million.
Previous report
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:
Previous report
We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.
Previous report
Segment Disclosure
Previous report
Accounting Standards Codification (“ASC”) No. 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we haveone reportable segment for activities related to investing in lodging properties. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (the "CODM") in order to allocate resources and assess performance. Our investments in lodging properties are geographically diversified and the CODM allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single reportable segment.
Reworded paragraphs (47)
Previous wording
Room-night demand in the U.S. lodging industry is generally correlated to certain macroeconomic trends. Key drivers of demand, and therefore lodging revenues, include changes in gross domestic product, corporate profits, capital investments, and employment. From a cost perspective, elevated inflation increased the cost of salaries, wages, supplies, material, freight, insurance and energy in recent years. A portion of these costs were partially offset by lodging price increases. While certain costs remain above historical levels, expense growth has moderated to a pace consistent with historical long-term inflation rates.
Current wording
Room-night demand in the U.S. lodging industry is generally correlated to certain macroeconomic trends. Key drivers of demand, and therefore lodging revenues, include changes in gross domestic product, corporate profits, capital investments, employment, government policy, inbound international travel, and consumer and corporate sentiment. From a cost perspective, elevated inflation increased the cost of salaries, wages, supplies, material, freight, insurance, and energy in recent years. A portion of these costs were partially offset by increases in average guestroom rates for lodging properties. Expense growth has moderated to a pace consistent with historical long-term inflation rates; however, certain costs remain above historical levels and could be further affected by changes in tariff policies and agreements.
Previous wording
During 2024, we experienced same-store revenue growth as a result of strong group and improved business transient demand which was partially offset by normalization in leisure demand. The long-term outlook for industry revenue growth remains favorable as forecasted room night demand growth and increases in average daily rate, combined with minimal supply growth, are expected to drive continued industry RevPAR growth over the next several years.
Current wording
During 2025, we experienced a modest same-store revenue decline resulting primarily from a reduction in government-related and inbound international travel. Ongoing macroeconomic uncertainty has had a negative effect on consumer and corporate sentiment and spending, and resulted in modest near-term pricing pressure in certain lodging demand segments. This uncertainty has been driven by various factors, including the current political environment, recent policy changes, such as tariff policies, and ongoing concerns related to inflationary pressures. The medium- and long-term outlook for the industry remain favorable as forecasted room night demand growth and increases in average daily rate, coupled with minimal supply growth, are expected to drive industry RevPAR growth over the next several years.
Previous wording
The following table contains key operating metrics for our total portfolio and our same-store portfolio for the year ended December 31, 2024 compared with the year ended December 31, 2023 (dollars in thousands, except ADR and RevPAR). Our same-store portfolio consists of properties that we owned as of December 31, 2024 and that we have owned at all times since January 1, 2023.
Current wording
The following table contains key operating metrics for our total portfolio and our same-store portfolio for the year ended December 31, 2025 compared with the year ended December 31, 2024 (dollar amounts in thousands, except ADR and RevPAR). Our same-store portfolio consists of properties that we owned as of December 31, 2025 and that we have owned at all times since January 1, 2024.
Previous wording
•Revenues and RevPAR. Room revenues for our total portfolio decreased by $5.4 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 as a result of a $17.5 million decrease in room revenues due to the net effect of the sale of five lodging properties during the year ended December 31, 2024 (the "2024 Sold Properties") and five properties during the year ended December 31, 2023 (the "2023 Sold Properties), and the acquisition of two lodging properties during the year ended December 31, 2024 (the "2024 Acquired Properties") and two lodging properties during the year ended December 31, 2023 (the "2023 Acquired Properties"), partially offset by a $12.1 million increase in same-store revenues driven by improving business transient and group demand which mitigated the effect of the normalization in leisure demand.
Current wording
•Revenues and RevPAR. Room revenues for our total portfolio decreased by $6.9 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 as a result of a $12.8 million decrease in same-store revenues driven primarily by reduced government-related and inbound international travel, partially offset by a $5.9 million increase in room revenues due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2025 Sold Properties and the 2024 Sold Properties (collectively, the “Sold Properties”).
Previous wording
On a same store basis, the improvements in our business resulted in an increase of approximately 1.2% in occupancy and a 0.4% in ADR during the year ended December 31, 2024, which resulted in an 1.7% increase in same-store RevPAR. For the total portfolio, we experienced an increase of approximately 2.2% in occupancy and an increase of 1.5% in ADR during the year ended December 31, 2024. This resulted in an increase in RevPAR of 3.7% for the year ended December 31, 2024 compared with the year ended December 31, 2023. The increase in RevPAR was primarily due to net effect of the sales of lodging properties during the years ended December 31, 2024 and 2023 with lower nominal RevPAR and the acquisition of lodging properties over the same period with higher nominal RevPAR.
Current wording
On a same-store basis, occupancy decreased approximately 0.1% and ADR decreased 1.7% during the year ended December 31, 2025, which resulted in a 1.8% decrease in same-store RevPAR. For the total portfolio, we experienced an increase of approximately 0.1% in occupancy and a decrease of 1.6% in ADR during the year ended December 31, 2025. This resulted in a decrease in RevPAR of 1.4% for the year ended December 31, 2025 compared with the year ended December 31, 2024.
Previous wording
•Room Expenses. Room expenses for our total portfolio decreased by $1.2 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 as a result of a $5.7 million decrease in room expenses due to the net effect of the sale of the 2024 Sold Properties and the 2023 Sold Properties, and the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, partially offset by a $4.5 million increase in same-store room expenses primarily driven by a 1.2% increase in same-store occupancy.
Current wording
•Room Expenses. Room expenses for our total portfolio increased by $4.7 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 as a result of a $1.4 million increase in room expenses due to the net effect of the sale of the 2024 and 2025 Sold Properties, and the acquisition of the 2024 Acquired Properties, coupled with a $3.3 million increase in same-store room expenses due to increased labor and benefits expenses.
Previous wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues decreased by $0.6 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 primarily as a result of a $0.6 million decrease in same-store revenues.
Current wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues increased by $2.3 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 primarily as a result of a $2.0 million increase in same-store food and beverage revenues due to the completion of renovations at various properties and additional banquet and catering revenues due to special events. In addition, food and beverage revenues increased $0.3 million due to the net effect of the sale of the Sold Properties and the acquisition of the 2024 Acquired Properties. Total portfolio food and beverage expenses increased by $2.0 million due to a $1.6 million increase in same store food and beverage expenses, which is commensurate with the increase in food and beverage revenues, in addition to a $0.4 million increase due to the net effect of the sale of the Sold Properties and the acquisition of the 2024 Acquired Properties.
Previous wording
•Other Hotel Operating Revenues and Expenses. Other lodging property operating revenues for our total portfolio increased by $1.7 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 as a result of a $2.5 million increase in same-store Other lodging property and operating revenues primarily related to an increase in parking and resort fees due to higher occupancy, partially offset by a $0.8 million decrease in Other lodging property operating revenues driven by the net effect the sale of the 2024 Sold Properties and the 2023 Sold Properties, and the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties.
Current wording
•Other Hotel Operating Revenues and Expenses. Other lodging property operating revenues for our total portfolio increased by $2.3 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 as a result of a $2.3 million increase in same-store Other lodging property and operating revenues primarily related to an increase in parking, resort fees, and marketplace sales.
Previous wording
The $0.5 million decrease in total portfolio Other lodging property operating expenses for the year ended December 31, 2024 in comparison with the year ended December 31, 2023 was driven by a $7.5 million decrease in Other lodging property operating expenses due to the net effect of the sale of the 2024 Sold Properties and the 2023 Sold Properties, and the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, partially offset by a $7.0 million increase in same-store Other lodging property operating expenses that resulted from increased labor costs, credit card commissions, sales and marketing costs, and utilities.
Current wording
The $6.9 million increase in total portfolio Other lodging property operating expenses for the year ended December 31, 2025 in comparison with the year ended December 31, 2024 was driven by a $2.0 million increase in Other lodging property operating expenses due to the net effect of the sale of the Sold Properties, and the acquisition of the 2024 Acquired Properties, coupled with a $4.9 million increase in same-store Other lodging property operating expenses that resulted from increased labor costs, sales and marketing costs, and utilities.
Previous wording
The following table includes other consolidated income and expenses for 2024 compared with 2023 (dollars in thousands):
Current wording
The following table includes other consolidated income and expenses for 2025 compared with the prior year (dollar amounts in thousands):
Previous wording
•Management Fees. Management fees decreased during the year ended December 31, 2024 by $2.6 million due to the net effect of the sale of the 2024 Sold Properties and the 2023 Sold Properties, and the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, and lower management fees due to amendments to certain property management agreements during the year ended December 31, 2024.
Current wording
•Management Fees. Management fees decreased during the year ended December 31, 2025 by $0.1 million due to the net effect of the sale of the Sold Properties and the acquisition of the 2024 Acquired Properties. Same-store management fees were relatively flat from the prior year to the current year as a result of a decrease in management fees related to lower revenues during the year ended December 31, 2025, offset by certain management fee adjustments in prior years.
Previous wording
•Depreciation and Amortization. Depreciation and amortization decreased by $4.5 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 primarily due to a net reduction of depreciation and amortization expense of $5.1 million as a result of the combined effect of the sale of the 2024 Sold Properties and the 2023 Sold Properties, and the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, partially offset by a $0.6 million increase in same-store depreciation and amortization due to assets placed in service as a result of completed renovations.
Current wording
•Depreciation and Amortization. Depreciation and amortization increased by $3.2 million for the year ended December 31, 2025 compared with the prior year primarily due to an increase of $2.9 million in depreciation and amortization due to the net effect of the sale of the Sold Properties, and the acquisition of the 2024 Acquired Properties, in addition to a $0.3 million increase in same-store depreciation and amortization due to assets placed in service as a result of completed renovations.
Previous wording
•Corporate General and Administrative. Corporate general and administrative expenses decreased by $0.6 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 primarily due to a decrease in legal and professional fees of $1.0 million, partially offset by a $0.4 million increase in corporate employee-related costs.
Current wording
•Corporate General and Administrative. Corporate general and administrative expenses increased by $0.9 million for the year ended December 31, 2025 compared with the prior year primarily due to a $0.7 million increase in non-cash stock compensation expenses, and an increase of approximately $0.2 million in professional fees and corporate employee-related costs.
Previous wording
During the year ended December 31, 2023, the Company recorded a Loss on write-down of assets of $16.7 million to reduce the carrying amounts of the three lodging properties that were under contract to sell or being marketed for sale to their expected net selling prices less estimated costs to sell.
Current wording
•Loss on Impairment and Write-down of Assets. During the year ended December 31, 2025, the Company recorded a loss on write-down of assets of $1.8 million to reduce the carrying amount of one property classified as Held for sale at December 31, 2025 to its expected net selling price less estimated costs to sell.
Previous wording
•Loss on Impairment and Write-down of Assets. During the year ended December 31, 2024, the Company recorded a loss on impairment related to a lodging property totaling $6.7 million to reduce the carrying amount of the property to its estimated fair value.
Current wording
During the year ended December 31, 2024, the Company recorded a Loss on impairment of assets of $6.7 million to reduce the carrying amount of one property to its estimated fair value.
Previous wording
•Gain (loss) on Disposal of Assets, net. The gain on disposal of assets, net of $28.9 million for the year ended December 31, 2024 was primarily the result of a $28.3 million gain recorded on the sale of a portfolio of two lodging properties in New Orleans, LA, a $0.4 million gain recorded on the sale of the Four Points by Marriott San Francisco Airport and an aggregate $0.2 million gain recorded on the sale of Hilton Garden Inn - Bryan (College Station), TX and the Hyatt Place - Dallas (Plano), TX.
Current wording
The gain on disposal of assets, net of $28.9 million for the year ended December 31, 2024 was primarily the result of a $28.3 million gain recorded on the sale of a portfolio of two lodging properties in New Orleans, LA, a $0.4 million gain recorded on the sale of the Four Points by Marriott San Francisco Airport and an aggregate $0.2 million gain recorded on the sale of Hilton Garden Inn - Bryan (College Station), TX and the Hyatt Place - Dallas (Plano), TX.
Previous wording
•Interest Expense. Interest expense decreased by $4.2 million primarily due to lower average outstanding debt and a reduction in interest rates for the year ended December 31, 2024 compared with the year ended December 31, 2023.
Current wording
•Interest Expense. Interest expense decreased by $1.9 million primarily due to a reduction in interest rates for the year ended December 31, 2025 compared with the prior year, partially offset by a $0.3 million increase in amortization of deferred financing costs related to the refinancing of the $400 million 2025 GIC Joint Venture Term Loan (as defined in “Part II - Item 8. -Financial and Supplementary Data - Note 6 - Debt”
Previous wording
•Other Income, net. Other income, net for the year ended December 31, 2024 consists primarily of third-party tenant income of $2.2 million, the realization of $2.0 million of tax rebates related to the NCI Transaction (as defined in "Part II - Item 8. -Financial and Supplementary Data - Note 6 - Debt" to the accompanying Consolidated Financial Statements) and miscellaneous income of $1.0 million, partially offset by debt transaction costs of $0.6 million and net casualty losses of $0.2 million.
Current wording
Other income, net for the year ended December 31, 2024 consists primarily of third-party tenant income of $2.2 million, the realization of $2.0 million of tax rebates related to the NCI Transaction, and miscellaneous income of $1.0 million, partially offset by debt transaction costs of $0.6 million and a net casualty loss of $0.2 million.
Previous wording
•Income Tax Benefit (Expense). We recorded an $8.7 million income tax benefit during the year ended December 31, 2024, primarily due to the reversal of a significant portion of our valuation allowance totaling $12.1 million, partially offset by current federal and state income tax expenses of $2.6 million, and deferred tax expense of $0.8 million for the year ended December 31, 2024. We reversed the valuation allowance during the year ended December 31, 2024 based on our determination that it is probable that we will realize the tax benefits related to a significant portion of our deferred tax assets. Income tax expense amounted to $2.8 million during the year ended December 31, 2023 and was primarily related to federal and state income taxes on our TRSs.
Current wording
Income tax benefit amounted to $8.7 million during the year ended December 31, 2024 and was primarily due to the reversal of a significant portion of our valuation allowance totaling $12.1 million, partially offset by current federal and state income tax expenses of $2.6 million, and deferred tax expense of $0.8 million for the year ended December 31, 2024. We reversed the valuation allowance during the year ended December 31, 2024 based on our determination that it is probable that we will realize the tax benefits related to a significant portion of our deferred tax assets.
Previous wording
Adjusted EBITDAre increased $2.2 million for the year ended December 31, 2024 in comparison with the year ended December 31, 2023 due to modest growth in same-store RevPAR and Hotel EBITDA driven by improving demand for business transient and group travel, which mitigated some of the effect of the normalization in leisure demand, partially offset by a decrease in hotel EBITDA from the net effect of the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, and the sale of the 2024 Sold Properties and the 2023 Sold Properties.
Current wording
Adjusted EBITDAre decreased $17.3 million for the year ended December 31, 2025 in comparison with the year ended December 31, 2024 as a result of a decrease in Hotel EBITDA (see “Part II - Item 8. -Financial Statements and Supplementary Data-Note 18 – Segment Reporting”)due to a decline in same-store RevPAR resulting from a reduction in government-related and inbound international travel, and the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Sold Properties.
Previous wording
(3) AFFO for the years ended December 31, 2024, 2023 and 2022 has not been adjusted for interest related to the Convertible Notes for purposes of calculating AFFO per common share/Common Unit because we intend to settle the principal portion of the Convertible Notes in cash and we did not include in the denominator of our calculation of AFFO per common share/Common Unit the potential dilutive effect of shares that would be issued if the principal portion of the Convertible Notes were converted into shares of our common stock.
Current wording
(1) AFFO for the years ended December 31, 2025, 2024 and 2023 has not been adjusted for interest related to the Convertible Notes for purposes of calculating AFFO per common share/Common Unit because we intended to settle the principal portion of the Convertible Notes in cash. In February 2026, we repaid the outstanding balance of the Convertible Notes.
Previous wording
(5) The weighted average diluted common shares/common units used to calculate FFO and AFFO per common share/Common Unit for the years ended December 31, 2024, 2023 and 2022 includes the dilutive effect of our outstanding restricted stock awards. These shares were excluded from our weighted average shares outstanding used to calculate net income (loss) per share for the years ended December 31, 2023 and 2022 because they would have been antidilutive. The weighted average common shares/Common Unit used to calculate FFO and AFFO per common share/Common Unit exclude the potential dilution related to our Convertible Notes as we intend to settle the principal of the Convertible Notes in cash.
Current wording
(3) The weighted average diluted common shares/common units used to calculate FFO and AFFO per common share/Common Unit for the years ended December 31, 2025, 2024 and 2023 includes the dilutive effect of our outstanding restricted stock awards. These shares were excluded from our weighted average shares outstanding used to calculate net (loss) income per share for the years ended December 31, 2025 and 2023 because they would have been antidilutive. The weighted average common shares/Common Unit used to calculate FFO and AFFO per common share/Common Unit exclude the potential dilution related to our Convertible Notes as we intended to settle the principal of the Convertible Notes in cash. In February 2026, we repaid the outstanding balance of the Convertible Notes.
Previous wording
AFFO applicable to common stock and Common Units increased by $6.3 million for the year ended December 31, 2024 compared with the year ended December 31, 2023 due to modest growth in same-store RevPAR and hotel EBITDA and lower interest expense, partially offset by a decrease in hotel EBITDA from the net effect of the acquisition of the 2024 Acquired Properties and the 2023 Acquired Properties, and the sale of the 2024 Sold Properties and the 2023 Sold Properties.
Current wording
AFFO applicable to common stock and Common Units decreased by $15.6 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 primarily as a result of a decrease in Hotel EBITDA (see “Part II - Item 8. -Financial Statements and Supplementary Data-Note 18 – Segment Reporting”)due to a decline in same-store RevPAR resulting from a reduction in government-related and inbound international travel, and the net effect of the acquisition of the 2024 Acquired Properties and the disposition of the Sold Properties.
Previous wording
Our short-term cash obligations consist primarily of operating expenses and other expenditures directly associated with our lodging properties, recurring maintenance and capital expenditures necessary to maintain our lodging properties in accordance with internal and brand standards, capital expenditures to improve our lodging properties, interest payments, settlement of any applicable interest rate swaps, scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, our joint venture acquisitions and capital requirements, contractual lease payments, corporate overhead, and distributions to our stockholders and holders of Common and Preferred Units in our Operating Partnership when declared. Our corporate overhead primarily consists of employee compensation expenses, professional fees, corporate insurance and rent expenses. Cash requirements for our corporate overhead expenses (excluding non-cash stock-based compensation), which are generally paid from operating cash flows, were $23.8 million, $24.8 million and $22.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We generally expect our corporate overhead expenses to remain consistent with the level of our operating activities and market conditions for goods and services.
Current wording
Our short-term cash obligations consist primarily of operating expenses and other expenditures directly associated with our lodging properties, recurring maintenance and capital expenditures necessary to maintain our lodging properties in accordance with internal and brand standards, capital expenditures to improve our lodging properties, interest payments, settlement of any applicable interest rate swaps, scheduled principal payments on outstanding indebtedness, restricted cash funding obligations, our joint venture acquisitions and capital requirements, contractual lease payments, corporate overhead, and distributions to our stockholders and holders of Common and Preferred Units in our Operating Partnership when declared. Our corporate overhead primarily consists of employee compensation expenses, professional fees, corporate insurance and rent expenses. Cash requirements for our corporate overhead expenses (excluding non-cash stock-based compensation), which are generally paid from operating cash flows, were $24.0 million, $23.8 million and $24.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. We generally expect our corporate overhead expenses to remain consistent with the level of our operating activities and market conditions for goods and services.
Previous wording
Our long-term cash obligations consist primarily of the costs of acquiring additional lodging properties, renovations and other non-recurring capital expenditures that periodically are made with respect to our lodging properties, dividends and distributions to our stockholders and holders of Common and Preferred Units in our Operating Partnership when declared, and scheduled debt payments, including maturing loans.
Current wording
Our long-term cash uses are primarily related to the costs of acquiring additional lodging properties, renovations and other non-recurring capital expenditures that periodically are made with respect to our lodging properties, dividends and distributions to our stockholders and holders of Common and Preferred Units in our Operating Partnership when declared, and scheduled debt payments, including maturing loans.
Previous wording
During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. The property was recorded in Assets held for sale, net at December 31, 2024. In February 2025, we closed the sale of the property.
Current wording
•In February 2025, we closed on the sale of a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million, which approximated its carrying amount.
Previous wording
In February 2024, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan document as a subsidiary guarantor, entered into a $200 million senior unsecured term loan financing (the “2024 Term Loan”) with Regions Bank. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million term loan that was scheduled to mature in February 2025. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods by the Company, subject to certain conditions. At December 31, 2024, the 2024 Term Loan was fully funded.
Current wording
•In February 2024, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan document as a subsidiary guarantor, entered into a $200.0 million senior unsecured term loan financing (the “2024 Term Loan”) with Regions Bank. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full the Company’s $225 million term loan that was scheduled to mature in February 2025. The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods by the Company, subject to certain conditions.
Previous wording
In 2017, the Operating Partnership entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). In June 2024, the outstanding balance of the loan was $42.3 million at which time we repaid the MetaBank Loan for $39.1 million prior to its scheduled maturity date, which represented a discount of $3.2 million and resulted in a gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date. As a result of this repayment, the three lodging properties previously held as collateral for the MetaBank Loan were released.
Current wording
•In June 2024, we repaid the outstanding balance of $42.3 million of a non-recourse loan with MetaBank (the “MetaBank Loan”) for $39.1 million prior to its scheduled maturity date. The payment represented a discount of $3.2 million and resulted in a gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date. As a result of this repayment, the three lodging properties previously held as collateral for the MetaBank Loan were released.
Previous wording
At December 31, 2024, we had $10.0 million outstanding on our $400 Million Revolver, $200.0 million outstanding on our $200 Million Term Loan and $200.0 million outstanding on our 2024 Term Loan (as defined under "Part II - Item 8. -Financial Statements and Supplementary Data-Note 6 – Debt”). Each of the credit facilities is currently supported by the 53 lodging properties included in the credit facility borrowing base. We also had $287.5 million of Convertible Notes outstanding. The Convertible Notes become due in February 2026. We expect to complete the refinancing of the Convertible Notes prior to their maturity date.
Current wording
At December 31, 2025, we had no outstanding borrowings on our $400 Million Revolver, $200.0 million outstanding on our $200 Million Term Loan and $200.0 million outstanding on our 2024 Term Loan (as defined under “Part II - Item 8. -Financial Statements and Supplementary Data-Note 6 – Debt”). Each of the credit facilities is currently supported by the 52 lodging properties included in the credit facility borrowing base. We also had $287.5 million of outstanding Convertible Notes. In March 2025, we closed on the 2025 Delayed Draw Term Loan to refinance a significant portion of our outstanding $287.5 million convertible notes when they mature in February 2026. As of December 31, 2025, we had not drawn any amounts under the 2025 Delayed Drawn Term Loan. In February 2026, using amounts available on the 2025 Delayed Drawn Term Loan and borrowings on our $400 Million Revolver, we repaid the outstanding $287.5 million Convertible Notes.
Previous wording
At December 31, 2024, the GIC Joint Venture had $250.0 million outstanding under our GIC Joint Venture Credit Facility consisting of borrowings on a $125.0 million term loan (after giving effect to an additional $50.0 million of borrowings under the accordion feature of the loan, which was used in the purchase of two lodging properties in December 2024) and a $125.0 million revolving line of credit. The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the equity interests in the subsidiaries that hold the 15 lodging property borrowing base assets, and the related TRS entities that wholly own the TRS Lessees.
Current wording
At December 31, 2025, the GIC Joint Venture had $250.0 million in outstanding loans and available commitments under our GIC Joint Venture Credit Facility consisting of borrowings on a $125.0 million term loan (after giving effect to an additional $50.0 million of borrowings under the accordion feature of the loan, which was used in the purchase of two lodging properties in December 2024) and a $125.0 million revolving line of credit. The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the equity interests in the subsidiaries that hold the 15 lodging property borrowing base assets, and the related TRS entities that wholly own the TRS Lessees.
Previous wording
To complete the NCI Transaction, the GIC Joint Venture entered into the GIC Joint Venture Term Loan, which is currently secured by the remaining 25 lodging properties and two parking garages acquired in the transaction and assumed a PACE loan totaling $6.5 million. The GIC Joint Venture Term Loan has an accordion feature which will permit an increase in the total commitments by up to $190.0 million, for aggregate potential borrowings of up to $600.0 million. The GIC Joint Venture Term Loan will mature in January 2026 and can be extended for a single 12-month period at the Company’s option, subject to certain conditions. As such, the GIC Joint Venture Term Loan has a fully extended maturity date of January 2027. The GIC Joint Venture Term Loan is interest-only and provides for a floating interest rate equal to SOFR plus 2.75%. In February 2023, we entered into an amendment to the GIC Joint Venture Term Loan to amend certain definitions, revise the minimum borrowing base interest coverage ratio thresholds and make certain other changes. The outstanding balances of the GIC Joint Venture Term loan and the PACE loan were $396.0 million and $5.9 million, respectively, at December 31, 2024.
Current wording
Additionally, to complete the NCI Transaction, the GIC Joint Venture entered into the 2022 GIC Joint Venture Term Loan and assumed a PACE loan totaling $6.5 million. In July 2025, the GIC Joint Venture entered into the 2025 GIC Joint Venture Term Loan to refinance and replace the 2022 GIC Joint Venture Term Loan. The 2025 GIC Joint Venture Term Loan has an accordion feature that permits an increase in the total commitments by up to $200 million, for aggregate potential borrowings of up to $600 million, and is secured by pledges of the equity in the entities (and affiliated entities) that own the remaining 24 lodging properties and two parking garages that were acquired as part of the NCI Transaction. The outstanding balances of the GIC Joint Venture Term Loan and the PACE loan were $390.7 million and $5.7 million, respectively, at December 31, 2025.
Previous wording
Additionally, the GIC Joint Venture has a mortgage loan outstanding totaling $12.5 million at December 31, 2024 related to the acquisition of the Embassy Suites in Tucson, AZ in December 2021.
Current wording
The GIC Joint Venture also has a mortgage loan outstanding of $12.3 million at December 31, 2025 related to the acquisition of the Embassy Suites in Tucson, AZ in December 2021.
Previous wording
At December 31, 2024, we have scheduled debt principal payments during the next 12 months totaling $46.6 million, primarily as a result of the maturity of the loan with City National Bank of Florida in June 2025.
Current wording
At December 31, 2025, we have scheduled debt principal payments during the next 12 months totaling $0.5 million, not including the $287.5 million of Convertible Notes outstanding that was repaid in February 2026 using amounts available on the 2025 Delayed Draw Term Loan and borrowings on our $400 Million Revolver.
Previous wording
Currently, we have the capacity to pay scheduled principal payments using cash on hand or draws under our $400 Million Revolver. We have obtained financing through debt instruments having staggered maturities and intend to continue to do so in the future. Our debt includes, and may include in the future, debt secured by first priority mortgage liens on certain lodging properties, debt secured by equity pledges, and unsecured debt. We believe that we will have adequate liquidity to meet the requirements for scheduled maturities and principal repayments. However, we can provide no assurance that we will be able to refinance our indebtedness as it becomes due and, if refinanced, whether such refinancing will be available on favorable terms.
Current wording
Currently, we have the capacity to pay scheduled principal payments using cash on hand or draws under our $400 Million Revolver. We have obtained financing through debt instruments that have staggered maturities and intend to continue to do so in the future. Our debt includes, and may include in the future, debt secured by first priority mortgage liens on certain lodging properties, debt secured by equity pledges, and unsecured debt. We believe that we will have adequate liquidity to meet the requirements for scheduled maturities and principal repayments. However, we can provide no assurance that we will be able to refinance our indebtedness as it becomes due and, if refinanced, whether such refinancing will be available on favorable terms.
Previous wording
At December 31, 2024, we and our GIC Joint Venture are in compliance with all of our loan agreements. See "Part II – Item 8. –Financial Statements and Supplementary Data – Note 6 – Debt" for additional information concerning our loans, loan amendments and our financing arrangements.
Current wording
At December 31, 2025, we and our GIC Joint Venture are in compliance with all of our loan agreements, and we believe we will be in compliance with these agreements for at least the next four quarters. See “Part II – Item 8. –Financial Statements and Supplementary Data – Note 6 – Debt” for additional information concerning our loans, loan amendments and our financing arrangements.
Previous wording
A summary of our debt at December 31, 2024 is as follows (dollars in thousands):
Current wording
A summary of our debt at December 31, 2025 is as follows (dollar amounts in thousands):
Previous wording
(1) The 2023 Senior Credit Facility and Term Loans are supported by a borrowing base of 53 unencumbered hotel properties.
Current wording
(1) The 2023 Senior Credit Facility, the Regions Bank 2024 Term Loan Facility, and the 2025 Delayed Draw Term Loan are supported by a borrowing base of 52 unencumbered hotel properties and their affiliates.
Previous wording
(3) The $410 million term loan with Bank of America, N.A. is secured by pledges of the equity in the entities (and affiliated entities) that own 25 lodging properties and two parking garages. The balance of the loan is $396.0 million at December 31, 2024.
Current wording
(4) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities (and affiliated entities) that own 24 lodging properties and two parking garages.
Previous wording
(5) Pro rata debt represents our portion of total debt taking into consideration only our pro rata share of the joint venture debt.
Current wording
(6) Pro rata debt represents our portion of total debt taking into consideration only our pro rata share of joint venture debt.
Previous wording
During the year ended December 31, 2024, we funded $89.3 million of capital expenditures and $5.2 million of development expenditures on a consolidated basis. When taking into consideration only our pro rata portion related to our joint ventures, capital and development expenditures for the year ended December 31, 2024 were $75.6 million and $4.6 million, respectively.
Current wording
During the year ended December 31, 2025, we funded $75.5 million of capital expenditures and $7.5 million of development expenditures on a consolidated basis. When taking into consideration only our pro rata portion related to our joint ventures, capital and development expenditures for the year ended December 31, 2025 were $64.2 million, and $6.7 million.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•Gain on Disposal of Assets, net. The gain on disposal of assets, net of $6.6 million for the year ended December 31, 2025 was primarily the result of a $4.2 million gain recorded on the sale of the Courtyard by Marriott in Amarillo, TX, and a $2.5 million recorded on the sale of the Courtyard by Marriott Kansas City, MO.
Current report — wording carried from elsewhere
•Income Tax Expense (Benefit). Income tax expense amounted to $0.8 million, during the year ended December 31, 2025, and was primarily related to federal and state income taxes on our TRSs.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous report — wording carried elsewhere
Other income, net for the year ended December 31, 2023 consists primarily of third-party tenant income of $1.5 million and the realization of $1.8 million of tax rebates related to the NCI Transaction during the period, partially offset by net casualty losses of $2.1 million, and other costs of $0.2 million.