37 unchanged sentences
Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of December 13, 2013 (incorporated by reference to Exhibit 3.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on December 17, 2013 (File No.
−Removed: First Amendment to the Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of September 30, 2014 (incorporated by reference to Exhibit 3.4 to Pebblebrook Hotel Trust’s Annual Report on Form 10-K filed with the SEC on February 17, 2015 (File No.
−Removed: Second Amendment to the Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of June 8, 2016 (incorporated by reference to Exhibit 3.5 to Pebblebrook Hotel Trust’s Current Report on Form 8‑K filed with the SEC on June 8, 2016 (File No.
Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Pebblebrook Hotel, L.P., dated as of November 30, 2018 (incorporated by reference to Exhibit 3.3 to Pebblebrook Hotel Trust's Current Report on Form 8‑K filed with the SEC on December 3, 2018 (File No.
6 unchanged sentences
(incorporated by reference to Exhibit 4.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on December 16, 2020 (File No.
−Removed: First Supplemental Indenture, dated December 15, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A.
−Removed: (incorporated by reference to Exhibit 4.2 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on December 16, 2020 (File No.
+Added: Second Supplemental Indenture, dated September 18, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A.
+Added: (incorporated by reference to Exhibit 4.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on September 22, 2025 (File No.
+Added: Form of 1.625% Convertible Senior Notes Due 2030 (attached as Exhibit A to the Second Supplemental Indenture incorporated by reference to Exhibit 4.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on September 22, 2025 (File No.
Indenture, dated October 3, 2024, among Pebblebrook Hotel, L.P., PEB Finance Corp., Pebblebrook Hotel Trust, the subsidiary guarantors party thereto and UMB Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No.
−Removed: Form of note of 6.375% Senior Notes due 2029 (included in Indenture in Exhibit 4.1) (incorporated by reference to Exhibit 4.2 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No.
−Removed: Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012 (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust's Quarterly Report on Form 10-Q filed with the SEC on August 2, 2012 (File No.
−Removed: Amendment No.
−Removed: 1 to the Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012, effective July 7, 2016 (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust’s Quarterly Report on Form 10‑Q filed with the SEC on July 25, 2016 (File No.
−Removed: Amendment No.
−Removed: 2 to the Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012, effective February 15, 2017 (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust’s Current Report on Form 8-K filed with the SEC on February 22, 2017 (File No.
−Removed: Amendment No.
−Removed: 3 to the Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012, effective May 19, 2021 (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust’s Current Report on Form 8-K filed with the SEC on May 21, 2021 (File No.
−Removed: Amendment No.
−Removed: 4 to the Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012, effective May 16, 2022 (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on May 16, 2022 (File No.
+Added: Form of 6.375% Senior Notes due 2029 (attached as Exhibit A to the Indenture incorporated by reference to Exhibit 4.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No.
+Added: Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective May 23, 2025.
Change in Control Severance Agreement between Pebblebrook Hotel Trust and Jon E.
16 unchanged sentences
Third Amendment to Fifth Amended and Restated Credit Agreement, dated as of November 1, 2024, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, Bank of America, N.A., as administrative agent and L/C issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on November 4, 2024 (File No.
+Added: Fourth Amendment to Fifth Amended and Restated Credit Agreement, dated as of February 11, 2026, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, Bank of America, N.A., as administrative agent and L/C issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on February 13, 2026 (File No.
Form of Share Award Agreement (time-based vesting) for Executive Officers (incorporated by reference to Exhibit 10.1 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on February 16, 2018 (File No.
5 unchanged sentences
Form of Restricted Share Unit Award Agreement (time-based vesting) for Executive Officers (incorporated by reference to Exhibit 10.2 to Pebblebrook Hotel Trust's Current Report on Form 8-K filed with the SEC on February 22, 2024 (File No.
−Removed: Pebblebrook Hotel Trust Insider Trading Policy
+Added: Pebblebrook Hotel Trust Insider Trading Policy (incorporated by reference to Exhibit 19.1 to Pebblebrook Hotel Trust's Annual Report on Form 10-K filed with the SEC on February 26, 2025 (File No.
List of Subsidiaries of Pebblebrook Hotel Trust.
32 unchanged sentences
Name Title Date
−Removed: BORTZ Chief Executive Officer and Chairman of the Board (principal executive officer) February 26, 2025
−Removed: /s/ RAYMOND D.
−Removed: MARTZ Co-President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer) February 26, 2025
−Removed: /s/ CYDNEY C.
−Removed: DONNELL Trustee February 26, 2025
−Removed: JACKSON Trustee February 26, 2025
−Removed: /s/ PHILLIP M.
−Removed: MILLER Trustee February 26, 2025
−Removed: /s/ MICHAEL J.
−Removed: SCHALL Trustee February 26, 2025
−Removed: SIMI Trustee February 26, 2025
−Removed: WEBB Trustee February 26, 2025
+Added: Chief Executive Officer and Chairman of the Board (principal executive officer) February 25, 2026
+Added: /s/ R AYMOND D.
+Added: Co-President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer) February 25, 2026
+Added: /s/ C YDNEY C.
+Added: Trustee February 25, 2026
+Added: Trustee February 25, 2026
+Added: /s/ P HILLIP M.
+Added: Trustee February 25, 2026
+Added: /s/ M ICHAEL J.
+Added: Trustee February 25, 2026
+Added: /s/ B ONNY W.
+Added: Trustee February 25, 2026
+Added: Trustee February 25, 2026
PEBBLEBROOK HOTEL TRUST
93 unchanged sentences
Shareholders' equity:
−Removed: Preferred shares of beneficial interest, $ .01 par value (liquidation preference $ 690,000 at December 31, 2024 and 2023), 100,000,000 shares authorized;
−Removed: 27,600,000 shares issued and outstanding at December 31, 2024 and 2023
+Added: Preferred shares of beneficial interest, $ .01 par value (liquidation preference $ 676,724 and $ 690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized;
+Added: 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
Common shares of beneficial interest, $ .01 par value, 500,000,000 shares authorized;
2 unchanged sentences
Accumulated other comprehensive income (loss) 605 16,550
−Removed: Distributions in excess of retained earnings ( 1,392,860 ) ( 1,341,264 )
+Added: Distributions and retained deficit ( 1,503,262 ) ( 1,392,860 )
Total shareholders' equity 2,468,621 2,697,424
34 unchanged sentences
Distributions to preferred shareholders ( 42,316 ) ( 42,525 ) ( 43,649 )
−Removed: Redemption of preferred shares — 8,396 8,186
+Added: Repurchase of preferred shares 2,404 — 8,396
Net income (loss) attributable to common shareholders $ ( 105,723 ) $ ( 46,767 ) $ ( 113,270 )
21 unchanged sentences
For the year ended December 31, 2023
−Removed: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Retained Earnings Total Shareholders' Equity Non-Controlling Interests Total Equity
+Added: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions and retained deficit Total Shareholders' Equity Non-Controlling Interests Total Equity
Shares Amount Shares Amount
1 unchanged sentence
28,600,000 $ 286 126,345,293 $ 1,263 $ 4,182,359 $ 35,724 $ ( 1,223,117 ) $ 2,996,515 $ 88,028 $ 3,084,543
−Removed: Redemption of preferred shares ( 1,000,000 ) ( 10 ) — — ( 24,176 ) — 8,186 ( 16,000 ) — ( 16,000 )
−Removed: Issuance of shares, net of offering costs — — — — ( 123 ) — — ( 123 ) — ( 123 )
−Removed: Issuance of operating partnership units — — — — — — — 78,000 78,000
+Added: Repurchase of preferred shares ( 1,000,000 ) ( 10 ) — — ( 24,176 ) — 8,396 ( 15,790 ) — ( 15,790 )
+Added: Redemption of non-controlling interest OP units — — 133,605 1 3,514 — 3,515 ( 3,515 ) —
Issuance of common shares for Board of Trustees compensation — — 55,480 1 753 — — 754 — 754
13 unchanged sentences
For the year ended December 31, 2024
−Removed: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Retained Earnings Total Shareholders' Equity Non-Controlling Interests Total Equity
+Added: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions and retained deficit Total Shareholders' Equity Non-Controlling Interests Total Equity
Shares Amount Shares Amount
1 unchanged sentence
27,600,000 $ 276 120,191,349 $ 1,202 $ 4,078,912 $ 24,374 $ ( 1,341,264 ) $ 2,763,500 $ 86,845 $ 2,850,345
−Removed: Redemption of preferred shares ( 1,000,000 ) ( 10 ) — — ( 24,176 ) — 8,396 ( 15,790 ) — ( 15,790 )
−Removed: Redemption of non-controlling interest OP units — — 133,605 1 3,514 — — 3,515 ( 3,515 ) —
Issuance of common shares for Board of Trustees compensation — — 47,497 1 744 — — 745 — 745
13 unchanged sentences
For the year ended December 31, 2025
−Removed: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions in Excess of Retained Earnings Total Shareholders' Equity Non-Controlling Interests Total Equity
+Added: Preferred Shares Common Shares Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Distributions and retained deficit Total Shareholders' Equity Non-Controlling Interests Total Equity
Shares Amount Shares Amount
1 unchanged sentence
27,600,000 $ 276 119,285,394 $ 1,193 $ 4,072,265 $ 16,550 $ ( 1,392,860 ) $ 2,697,424 $ 90,450 $ 2,787,874
+Added: Repurchase of preferred shares ( 531,038 ) ( 5 ) — — ( 12,462 ) — 2,404 ( 10,063 ) — ( 10,063 )
+Added: Issuance of shares, net of offering costs — — — — ( 41 ) — — ( 41 ) — ( 41 )
Issuance of common shares for Board of Trustees compensation — — 54,451 1 744 — — 745 — 745
3 unchanged sentences
Distributions on preferred shares/units — — — — — — ( 42,317 ) ( 42,317 ) ( 4,656 ) ( 46,973 )
+Added: Purchases of capped calls in connection with convertible senior notes — — — — ( 27,240 ) — — ( 27,240 ) — ( 27,240 )
+Added: Unwinding of capped calls — — — — 391 — — 391 — 391
Other comprehensive income (loss):
14 unchanged sentences
Depreciation and amortization 227,659 229,531 240,645
−Removed: Benefit for deferred income taxes ( 28,483 ) — —
+Added: Provision (benefit) for deferred income taxes 4,197 ( 28,483 ) —
Share-based compensation 13,717 13,602 12,545
2 unchanged sentences
Gain on sale of hotel properties — — ( 30,375 )
+Added: Gain on extinguishment of debt ( 6,472 ) — —
Impairment 48,871 48,146 81,788
10 unchanged sentences
Proceeds from sales of hotel properties 102,636 — 314,941
−Removed: Acquisition of hotel properties — — ( 247,163 )
Property insurance proceeds 5,559 36,802 30,210
7 unchanged sentences
Repayments of debt ( 511,201 ) ( 465,432 ) ( 211,088 )
+Added: Purchases of capped calls for convertible senior notes ( 27,240 ) — —
Repurchases of common shares ( 72,647 ) ( 16,851 ) ( 92,753 )
−Removed: Redemption of preferred shares — ( 15,790 ) ( 16,000 )
+Added: Repurchases of preferred shares ( 6,063 ) — ( 15,790 )
Distributions — common shares/units ( 4,764 ) ( 4,866 ) ( 4,971 )
36 unchanged sentences
Summary of Significant Accounting Policies
−Removed: Basis of Presentation
+Added: Basis of Presentation and Principles of Consolidation
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other.
108 unchanged sentences
The Company owns a non-controlling equity interest in Fifth Wall Late-Stage Climate Technology Fund, L.P.
−Removed: As of December 31, 2024, the Company has invested $ 8.7 million.
−Removed: The Company's total equity commitment to the fund is $ 10.0 million.
+Added: As of December 31, 2025, the Company is committed to fund an additional $ 0.9 million.
New Accounting Pronouncements
−Removed: Disclosure Improvements
−Removed: In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements:
−Removed: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06").
−Removed: ASU 2023-06 incorporates 14 of the 27 disclosure requirements published in SEC Release No.
−Removed: 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification ("ASC").
−Removed: ASU 2023-06's amendments represent clarifications to, or technical corrections of, current requirements.
−Removed: For SEC registrants, the effective date for each amendment will vary based on the date on which the SEC removes that related disclosure from its rules.
−Removed: If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective.
−Removed: Early adoption is prohibited.
−Removed: The Company is currently assessing the potential impacts of ASU 2023-06 and does not expect it to have a material effect on its consolidated financial statements and disclosures.
−Removed: Segment Reporting
−Removed: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures ("ASU 2023-07").
−Removed: ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets.
−Removed: All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment.
−Removed: ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.
−Removed: The amendments should be applied retrospectively to all prior periods presented in the financial statements.
−Removed: The Company's adoption of ASU 2023-07 during the fourth quarter of 2024 did not have a material impact on its consolidated financial statements and disclosures.
−Removed: Operating Segment Information for the information provided pursuant to this standard.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
3 unchanged sentences
The amendments should be applied on a prospective basis, with the option to apply retrospectively.
−Removed: The Company is currently assessing the impacts of adopting ASU 2023-09 and does not expect it to have a material impact on its consolidated financial statements and disclosures.
+Added: The Company's adoption of ASU 2023-09 for the year ended December 31, 2025 did not have a material impact on its consolidated financial statements and disclosures.
+Added: Income Taxes for the information provided pursuant to this standard.
Stock Compensation
6 unchanged sentences
The amendments should be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the adoption date.
−Removed: The Company is currently assessing the impacts of adopting ASU 2024-01 and does not expect it to have a material impact on its consolidated financial statements and disclosures.
+Added: The Company's adoption of ASU 2024-01 on January 1, 2025 had no impact on its consolidated financial statements and disclosures.
Disaggregation of Income Statement Expenses
1 unchanged sentence
Disaggregation of Income Statement Expenses ("ASU 2024-03").
−Removed: ASU 2024-03 require public entities to disclose specified information about certain costs and expenses.
−Removed: ASU 2024-03 is effective for annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.
−Removed: The amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements.
−Removed: The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.
+Added: ASU 2024-03 requires public entities to disclose specified information about certain costs and expenses.
+Added: ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.
+Added: The amendments should be applied either retrospectively to all prior periods presented in the financial statements or prospectively after the adoption date.
+Added: The Company is currently assessing the impact of adopting ASU 2024-03 on its consolidated financial statements and disclosures.
Induced Conversions of Convertible Debt Instruments
4 unchanged sentences
The amendments should be applied either prospectively or retrospectively.
−Removed: The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.
+Added: The Company adopted ASU 2024-04 on January 1, 2026 on a prospective basis to any future settlements of convertible debt instruments.
+Added: Derivatives and Hedging
+Added: In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815):
+Added: Hedge Accounting Improvements ("ASU 2025-09").
+Added: ASU 2025-09 amends existing hedge accounting guidance to improve the alignment of financial reporting with the economics of an entity's risk management activities.
+Added: ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual reporting periods.
+Added: Early adoption is permitted.
+Added: The amendments in this update apply to any entity that elects to apply hedge accounting in accordance with Topic 815 and generally are to be adopted on a prospective basis, with an election available to apply the guidance to existing hedging relationships as of the adoption date.
+Added: The Company adopted ASU 2025-09 on January 1, 2026 on a prospective basis.
+Added: The adoption did not have a material impact on the Company's consolidated financial statements.
Acquisition and Disposition of Hotel Properties
−Removed: The Company did not acquire any hotel properties during the years ended December 31, 2024 or 2023.
+Added: The Company did not acquire any hotel properties during the years ended December 31, 2025 and 2024.
The Company did not dispose of any hotel properties during the year ended December 31, 2024.
1 unchanged sentence
Hotel Property Name Location Sale Date Sale Price
−Removed: The Heathman Hotel Portland, OR February 22, 2023 $ 45,000
−Removed: Retail at The Westin Michigan Avenue Chicago
−Removed: Chicago, IL March 17, 2023 27,300
−Removed: Hotel Colonnade Coral Gables Coral Gables, FL March 28, 2023 63,000
−Removed: Hotel Monaco Seattle Seattle, WA May 9, 2023 63,250
−Removed: Hotel Vintage Seattle Seattle, WA May 24, 2023 33,700
−Removed: Hotel Zoe Fisherman’s Wharf San Francisco, CA November 14, 2023 68,500
−Removed: Marina City Retail at Hotel Chicago Downtown, Autograph Collection
−Removed: Chicago, IL December 21, 2023 30,000
+Added: Montrose at Beverly Hills Los Angeles, CA November 19, 2025 $ 44,250
+Added: The Westin Michigan Avenue Chicago Chicago, IL December 3, 2025 72,000
2025 Total $ 116,250
−Removed: For the years ended December 31, 2023 and 2022, the accompanying consolidated statements of operations and comprehensive income included operating loss of $ 0.8 million and $ 3.9 million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold and held for sale.
−Removed: There was no impact for the year ended December 31, 2024.
+Added: For the years ended December 31, 2025, 2024 and 2023, the accompanying consolidated statements of operations and comprehensive income included operating income of $ 4.2 million, $ 0.3 million and $ 1.5 million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold.
The sales of the hotel properties described above did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore, did not qualify as discontinued operations.
13 unchanged sentences
Hurricane Ian
−Removed: On September 27, 2022, LaPlaya Beach Resort & Club ("LaPlaya") and Inn on Fifth, both in Naples, Florida, and Southernmost Beach Resort ("Southernmost"), in Key West, Florida, were impacted by the effects of Hurricane Ian.
−Removed: Inn on Fifth and Southernmost did not incur significant damage or disruption.
+Added: On September 27, 2022, LaPlaya Beach Resort & Club ("LaPlaya") in Naples, Florida was impacted by the effects of Hurricane Ian.
LaPlaya closed in anticipation of the storm and required remediation and repairs from the damage.
−Removed: LaPlaya began reopening in stages during 2023, as its buildings and facilities were repaired, and its repairs were substantially complete in the first quarter of 2024.
+Added: LaPlaya began reopening in stages during 2023, and was substantially complete in the first quarter of 2024.
The Company's insurance policies provided coverage for property damage, business interruption and other costs that were incurred relating to damages sustained, in excess of the applicable deductibles.
−Removed: For the year ended December 31, 2022, the Company recognized a loss of $ 7.9 million for damage to LaPlaya and Southernmost, which is included in impairment on the Company’s accompanying consolidated statement of operations and comprehensive income.
−Removed: In December 2024, the Company finalized a settlement agreement for the Hurricane Ian claim with the insurance carriers totaling $ 146.5 million, and for the years ended December 31, 2024, 2023, and 2022, recognized $ 48.6 million, $ 33.0 million and zero , respectively, of business interruption insurance income and gain on insurance settlement.
−Removed: For the years ended December 31, 2024, 2023, and 2022, the Company incurred $ 0.2 million, $ 6.6 million, and $ 0.2 million, respectively, of non-reimbursable insurance costs related to payroll, repair and claims administration which is included in other operating expenses in the Company's accompanying consolidated statements of operations and comprehensive income.
+Added: In December 2024, the Company finalized a settlement agreement for the Hurricane Ian claim with the insurance carriers totaling $ 146.5 million, and for the years ended December 31, 2024 and 2023, recognized $ 48.6 million and $ 33.0 million, respectively, of business interruption insurance income and gain on insurance settlement.
+Added: For the years ended December 31, 2024 and 2023, the Company incurred $ 0.2 million and $ 6.6 million, respectively, of non-reimbursable insurance costs related to payroll, repair and claims administration which is included in other operating expenses in the Company's accompanying consolidated statements of operations and comprehensive income.
Hurricane Helene and Hurricane Milton
2 unchanged sentences
LaPlaya closed following Hurricane Milton to undertake clean-up, repairs and a full assessment of damages.
−Removed: Two of its three guestroom buildings, Gulf Tower and Bay Tower, reopened on November 1, 2024, and the upper floors of the Beach House reopened in January 2025.
−Removed: The Company’s insurance policies provide coverage for property damage, business interruption and other costs that are incurred relating to damage sustained, in excess of the applicable deductibles.
+Added: Full restoration of the resort was completed in the second quarter of 2025.
+Added: The Company's insurance policies provide coverage for property damage, business interruption and other costs that were incurred relating to damage sustained in excess of the applicable deductibles.
For the year ended December 31, 2024, the Company recognized a loss of $ 10.0 million for damage to LaPlaya, which is included in impairment in the Company's accompanying consolidated statement of operations and comprehensive income.
−Removed: The Company recorded an insurance receivable for the remediation costs incurred and the estimate of the book value of the property and equipment written off in excess of the applicable deductibles.
−Removed: Through December 31, 2024, the Company received a total of $ 9.6 million in preliminary advances from the insurance providers.
−Removed: The Company is continuing to evaluate the financial impact of Hurricanes Helene and Milton and its ability to recover, through insurance policies, any loss due to business interruption or damage to LaPlaya.
+Added: In 2025, the Company finalized a settlement agreement for its Hurricanes Helene and Milton claims with its insurance providers totalling $ 29.3 million.
+Added: For the year ended December 31, 2025, the Company recognized $ 17.4 million of business interruption insurance income and gain on insurance settlement for damage due to Hurricanes Helene and Milton.
The Company reviews its investment in hotel properties for impairment whenever events or circumstances indicate potential impairment.
1 unchanged sentence
As a result of this review, the Company may identify an impairment trigger has occurred and assess its investment in hotel properties for recoverability.
+Added: For the year ended December 31, 2025, the Company recognized an impairment loss of $ 48.9 million related to three hotel properties.
For the year ended December 31, 2024, the Company recognized an impairment loss of $ 38.1 million related to one hotel property.
For the year ended December 31, 2023, the Company recognized an impairment loss of $ 81.8 million related to three hotels and one retail component of a hotel property.
−Removed: For the year ended December 31, 2022, the Company recognized an impairment loss of $ 81.7 million related to three hotel properties.
The impairment losses were a result of their fair values being lower than their carrying values.
6 unchanged sentences
The right-of-use assets and liabilities are amortized to ground rent expense over the term of the underlying lease agreements.
−Removed: As of December 31, 2024, the Company's lease liabilities consisted of operating lease liabilities of $ 320.7 million and financing lease liabilities of $ 44.0 million.
−Removed: As of December 31, 2023, the Company's lease liabilities consisted of operating lease liabilities of $ 320.6 million and financing lease liabilities of $ 43.4 million.
−Removed: The financing lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company's accompanying consolidated balance sheets.
−Removed: On October 13, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain other agents and lenders ("Credit Agreement").
−Removed: The Credit Agreement provides for a $ 650.0 million senior unsecured revolving credit facility and three $ 460.0 million unsecured term loan facilities totaling $ 1.38 billion.
−Removed: The Company may request additional lender commitments to increase the aggregate borrowing capacity under the Credit Agreement up to an additional $ 970.0 million.
−Removed: On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $ 356.7 million borrowed under Term Loan 2024 to January 2028.
−Removed: This extended indebtedness is referred to as Term Loan 2028.
−Removed: In connection with the extension, the Company also repaid $ 60.0 million of its borrowings under Term Loan 2024 and $ 50.0 million of its borrowings under Term Loan 2025 with available cash.
−Removed: On October 3, 2024, the Company issued $ 400.0 million aggregate principal amount of its 6.375 % senior notes due October 15, 2029.
−Removed: This issuance is referred to as Senior Notes 2029.
−Removed: The net proceeds were approximately $ 390.0 million after deducting discounts and offering expenses paid by the Company, of which $ 353.3 million was used to repay all $ 43.3 million of its borrowings under Term Loan 2024, $ 210.0 million of its borrowings under Term Loan 2025 and $ 100.0 million of its borrowings under Term Loan 2027.
−Removed: On November 1, 2024, the Company entered into the Third Amendment to the Credit Agreement which extended the maturity date of $ 185.2 million borrowed under Term Loan 2025 to January 2029.
−Removed: This indebtedness is referred to as Term Loan 2029.
−Removed: The Company also extended the maturity date of $ 602.0 million of its senior unsecured revolving credit facility from October 2026 to October 2028, with the option to extend the maturity date for two six-month periods.
+Added: As of December 31, 2025, the Company's lease liabilities consisted of operating lease liabilities of $ 333.1 million and finance lease liabilities of $ 44.6 million.
+Added: As of December 31, 2024, the Company's lease liabilities consisted of operating lease liabilities of $ 320.7 million and finance lease liabilities of $ 44.0 million.
+Added: The finance lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company's accompanying consolidated balance sheets.
The Company's debt consisted of the following as of December 31, 2025 and 2024 (dollars in thousands):
2 unchanged sentences
Maturity Date December 31, 2025 December 31, 2024
−Removed: Revolving credit facilities
+Added: Unsecured revolving credit facilities
Senior unsecured credit facility - (1)(2)
3 unchanged sentences
October 2028 — —
−Removed: Revolving credit facilities $ — $ —
+Added: Unsecured revolving credit facilities $ — $ —
Unsecured term loans
4 unchanged sentences
Term Loan 2028 5.92 % (1)
−Removed: October 2027 360,000 460,000
−Removed: Term Loan 2028 3.88 % (1)
January 2028 356,652 356,652
1 unchanged sentence
January 2029 185,217 185,217
−Removed: Unsecured term loan principal $ 916,652 $ 1,380,000
−Removed: Convertible senior notes principal 1.75 % December 2026 $ 750,000 $ 750,000
−Removed: Senior unsecured notes
−Removed: Series B Notes 4.93 % December 2025 2,400 2,400
+Added: Unsecured term loans principal $ 901,869 $ 916,652
+Added: Convertible senior notes
+Added: Convertible Notes 2026 1.75 % December 2026 350,000 750,000
+Added: Convertible Notes 2030 1.63 % January 2030 400,000 —
+Added: Convertible senior notes principal $ 750,000 $ 750,000
+Added: Unsecured senior notes
+Added: Series B Notes - (5)
+Added: December 2025 — 2,400
Senior Notes 2029 6.38 % October 2029 400,000 400,000
−Removed: Senior unsecured notes principal $ 402,400 $ 2,400
+Added: Unsecured senior notes principal $ 400,000 $ 402,400
Mortgage loans
4 unchanged sentences
Total debt principal $ 2,145,264 $ 2,264,465
−Removed: Unamortized debt premiums, discount and deferred financing costs, net ( 17,733 ) ( 10,096 )
+Added: Unamortized debt premium and deferred financing costs, net ( 21,172 ) ( 17,733 )
Debt, net $ 2,124,092 $ 2,246,732
2 unchanged sentences
Interest rate at December 31, 2025 gives effect to interest rate hedges.
−Removed: (2) $ 48.0 million of the $ 650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $ 602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee.
+Added: (2) $ 48.0 million of the $ 650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $ 602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
(3) This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75 %.
The interest rate at December 31, 2025 gives effect to an interest rate swap.
−Removed: The Company has the option to extend the maturity date for up to two one -year periods, pursuant to certain terms and conditions and payment of an extension fee.
−Removed: (4) On January 3, 2024, the Company extended the maturity date of $ 356.7 million borrowed under Term Loan 2024 to January 2028.
−Removed: This indebtedness is shown above as Term Loan 2028.
−Removed: In connection with the extension, the Company also repaid $ 60.0 million of its borrowings under Term Loan 2024 with available cash.
−Removed: The remaining balance of Term Loan 2024 was repaid in October 2024 with proceeds from the Senior Notes 2029 offering.
−Removed: (5) On January 3, 2024, the Company repaid $ 50.0 million of its borrowings under Term Loan 2025 with available cash.
−Removed: On October 3, 2024, the Company repaid $ 210.0 million of its borrowings under Term Loan 2025 with proceeds from the Senior Notes 2029 offering.
−Removed: On November 1, 2024, the Company extended the maturity date of $ 185.2 million borrowed under Term Loan 2025 to January 2029.
−Removed: This indebtedness is shown above as Term Loan 2029.
−Removed: (6) On October 3, 2024, the Company repaid $ 100.0 million of its borrowings under Term Loan 2027 with proceeds from the Senior Notes 2029 offering.
+Added: In the fourth quarter of 2025, the Company paid down $ 100.0 million of the loan.
+Added: In February 2026, the Company paid down the remaining $ 40.0 million of the loan.
+Added: (4) In October 2025, the Company repaid its borrowings under Term Loan 2025 with available cash.
+Added: (5) In December 2025, the Company paid off the Series B Notes with available cash.
+Added: Unsecured Credit Agreement
+Added: On October 13, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain other agents and lenders ("Credit Agreement").
+Added: The Credit Agreement provides for a $ 650.0 million senior unsecured revolving credit facility and three unsecured term loan facilities.
+Added: The Company may request additional lender commitments to increase the aggregate borrowing capacity under the Credit Agreement up to an additional $ 970.0 million.
Unsecured Revolving Credit Facilities
The $ 650.0 million senior unsecured revolving credit facility provided for in the Credit Agreement matures as follows:
−Removed: $ 48.0 million in October 2026, with no option to extend the maturity date, and $ 602.0 million in October 2028, with the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee.
+Added: $ 48.0 million in October 2026, with no option to extend the maturity date, and $ 602.0 million in October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
All borrowings under this senior unsecured revolving credit facility bear interest at a rate per annum equal to, at the option of the Company, (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10 % (the "SOFR Adjustment") plus a margin that is based upon the Company's leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company's leverage ratio.
21 unchanged sentences
See Derivative and Hedging Activities for further discussion on the interest rate swaps.
−Removed: Convertible Senior Notes
−Removed: In December 2020, the Company issued $ 500.0 million aggregate principal amount of 1.75 % Convertible Senior Notes due December 2026 (the "Convertible Notes").
−Removed: The net proceeds from the offering of the Convertible Notes were approximately $ 487.3 million after deducting the underwriting fees and other expenses paid by the Company.
−Removed: In February 2021, the Company issued an additional $ 250.0 million aggregate principal amount of Convertible Notes.
−Removed: These additional Convertible Notes were sold at a 5.5 % premium to par and generated net proceeds of approximately $ 257.2 million after deducting the underwriting fees and other expenses paid by the Company of $ 6.5 million, which was offset by a premium received in the amount of $ 13.8 million.
−Removed: The Convertible Notes are governed by an indenture (the “Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee.
−Removed: The Convertible Notes bear interest at a rate of 1.75 % per annum, payable semi-annually in arrears on June 15th and December 15th of each year, beginning on June 15, 2021.
−Removed: The Convertible Notes will mature on December 15, 2026.
+Added: Convertible Senior Notes due 2026
+Added: The Company used net proceeds from the issuance of the Convertible Senior Notes 2030 and cash on hand, totaling $ 392.0 million, to repurchase $ 400.0 million aggregate principal amount of the Company's 1.75 % Convertible Senior Notes due December 2026 (the "Convertible Notes 2026") at a discount in private transactions with certain note holders.
+Added: The repurchase of the Convertible Notes 2026 resulted in a gain on debt extinguishment of $ 7.4 million, net of a write-off of debt issuance costs, which is included in interest expense on the Company's accompanying consolidated statements of operations and comprehensive income.
+Added: Following the repurchase, the Company has $ 350.0 million aggregate principal amount of the Convertible Notes 2026 outstanding.
+Added: The Convertible Notes 2026 are governed by an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and bear interest at a rate of 1.75 % per annum, payable semi-annually in arrears on June 15th and December 15th of each year.
+Added: As of December 31, 2025 and 2024, the Convertible Notes 2026 had $ 0.4 million and $ 1.8 million, respectively, of unamortized issuance costs outstanding.
Prior to June 15, 2026, the Convertible Notes 2026 will be convertible upon certain circumstances.
−Removed: On and after June 15, 2026, holders may convert any of their Convertible Notes into the Company’s common shares of beneficial interest (“common shares”) at the applicable conversion rate at any time at their election two days prior to the maturity date.
+Added: On and after June 15, 2026, holders may convert any of their Convertible Notes 2026 into the Company's common shares of beneficial interest ("common shares") at the applicable conversion rate at any time at their election until two days prior to the maturity date.
The initial conversion rate is 39.2549 common shares per $1,000 principal amount of Convertible Notes 2026, which represents an initial conversion price of approximately $ 25.47 per share.
The conversion rate is subject to adjustment in certain circumstances.
+Added: Upon conversion of the Convertible Notes 2026, the Company may choose to pay or deliver cash, common shares or a combination of cash and shares.
As of December 31, 2025 and 2024, the if-converted value of the Convertible Notes 2026 did not exceed the principal amount.
−Removed: The Company may redeem for cash all or a portion of the Convertible Notes, at its option, on or after December 20, 2023 upon certain circumstances.
+Added: The Company may redeem for cash all or a portion of the Convertible Notes 2026, at its option, upon certain circumstances.
The redemption price will be equal to 100 % of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes 2026 may be increased.
−Removed: In connection with the Convertible Notes issuances, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters of the offerings of the Convertible Notes or their respective affiliates and other financial institutions.
−Removed: The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares underlying the Convertible Notes.
−Removed: The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the Convertible Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction and/or offset subject to a cap.
−Removed: The upper strike price of the Capped Call Transactions is $ 33.0225 per share.
−Removed: Senior Unsecured Notes
−Removed: The Company has $ 2.4 million of senior unsecured notes outstanding bearing a fixed interest rate of 4.93 % per annum and maturing in December 2025 (the "Series B Notes") and $ 400.0 million of senior unsecured notes outstanding bearing a fixed interest rate of 6.375 % per annum and maturing in October 2029 (the "Senior Notes 2029").
−Removed: The debt covenants of the Series B Notes are substantially similar to those of the Company's senior unsecured revolving credit facility.
−Removed: The indenture governing the Senior Notes 2029 contains covenants that are customary for similar securities and requires the Company to maintain total unencumbered assets as of the end of each fiscal quarter of not less than 150 % of total unsecured indebtedness calculated on a consolidated basis.
+Added: Convertible Senior Notes due 2030
+Added: On September 18, 2025, the Company issued $ 400.0 million aggregate principal amount of its 1.625 % Convertible Senior Notes 2030 due January 2030 (the "Convertible Notes 2030") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
+Added: The Convertible Notes 2030 are governed by an indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and bear interest at a rate of 1.625 % per annum, payable semi-annually in arrears on January 15th and July 15th of each year.
+Added: The net proceeds from the issuance were approximately $ 390.2 million after deducting the underwriting fees.
+Added: As of December 31, 2025 and 2024, the Convertible Notes 2030 had $ 9.8 million and zero , respectively, of unamortized issuance costs outstanding.
+Added: Prior to July 15, 2029, the Convertible Notes 2030 are convertible upon certain circumstances.
+Added: On and after July 15, 2029, holders may convert any of their Convertible Notes 2030 into common shares at the applicable conversion rate at any time at their election until two days prior to the maturity date.
+Added: The initial conversion rate is 62.9129 common shares per $1,000 principal amount of Convertible Notes 2030, which represents an initial conversion price of approximately $ 15.89 per share.
+Added: The conversion rate is subject to adjustment in certain circumstances.
+Added: Upon conversion of the Convertible Notes 2030, the Company will settle the conversion by paying cash up to the aggregate principal amount of the Convertible Notes 2030 to be converted and cash, common shares or a combination of cash and common shares, at the Company's election, with respect to the remainder, if any, of the conversion obligation in excess of the aggregate principal amount.
+Added: As of December 31, 2025, the if-converted value of the Convertible Notes 2030 did not exceed the principal amount.
+Added: Prior to July 20, 2028, the Company may not redeem the Convertible Notes 2030.
+Added: On or after July 20, 2028, the Company may redeem for cash all or a portion of the Convertible Notes 2030, at its option, upon certain circumstances.
+Added: The redemption price will be equal to 100 % of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
+Added: If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes 2030 may be increased.
+Added: Capped Call Transactions in Connection with the Convertible Senior Notes
+Added: In connection with the issuances of the Convertible Notes 2026 and the Convertible Notes 2030, the Company entered into privately negotiated capped call transactions.
+Added: The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the convertible notes, the number of common shares underlying the applicable convertible note instrument.
+Added: The capped call transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the applicable convertible notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted applicable convertible notes upon conversion thereof, with such reduction and/or offset subject to a cap.
+Added: The upper strike price of the capped call transactions is $ 33.0225 per share for the Convertible Notes 2026 and $ 20.23 per share for the Convertible Notes 2030.
+Added: Premiums paid for the capped call transactions were included as a net reduction to additional paid-in capital in the Company's accompanying consolidated balance sheets.
+Added: The Company is exposed to credit risk in the event of non-performance by the counterparties to the capped call agreements.
+Added: The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.
+Added: In October 2025, the Company entered into unwind agreements with counterparties on $ 550.0 million aggregate principal amount of the capped calls entered into in connection with the Convertible Notes 2026.
+Added: Unsecured Senior Notes
+Added: On October 3, 2024, the Company issued $ 400.0 million aggregate principal amount of its 6.375 % senior notes due October 15, 2029 (the "Senior Notes 2029").
+Added: The net proceeds from the issuance were approximately $ 390.0 million after deducting discounts and offering expenses paid by the Company, of which $ 353.3 million was used to repay borrowings under the Term Loan facilities.
+Added: The indenture governing the Senior Notes 2029 contains covenants that are customary for similar securities and require the Company to maintain total unencumbered assets as of the end of each fiscal quarter of not less than 150 % of total unsecured indebtedness calculated on a consolidated basis.
As of December 31, 2025, the Company was in compliance with all such covenants.
3 unchanged sentences
The loan matures on September 1, 2028.
−Removed: On September 7, 2023, the Company entered into a $ 140.0 million first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville"), which requires interest-only payments based on a floating rate equal to daily SOFR plus a spread of 3.75 %.
−Removed: This loan matures on September 7, 2026 and may be extended for up to two one -year periods, subject to certain terms and conditions and payment of extension fees.
−Removed: The Company entered into an interest rate swap agreement to fix the SOFR rate on this mortgage loan.
+Added: On September 7, 2023, the Company entered into a $ 140.0 million loan secured by a first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville").
+Added: The loan requires interest-only payments based on a floating rate equal to daily SOFR plus a spread of 3.75 %.
+Added: The loan matures on September 7, 2026 and may be extended for up to two one-year periods, subject to certain terms and conditions and payment of an extension fee.
+Added: The Company entered into an interest rate swap agreement to fix the SOFR rate on the loan.
See Derivative and Hedging Activities for further discussion on the interest rate swaps.
−Removed: The Company's mortgage loans associated with Margaritaville and Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability.
−Removed: The loans contain customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions.
+Added: In the fourth quarter of 2025, the Company paid down $ 100.0 million of the loan.
+Added: In February 2026, the Company paid down the remaining $ 40.0 million of the loan.
+Added: The Company's mortgage loan associated with Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability.
+Added: The loan contains customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions.
Cash trap provisions are triggered if the hotel's performance is below a certain threshold.
−Removed: Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our lender.
−Removed: These properties are not in a cash trap and no event of default has occurred under the loan documents.
+Added: Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of the lender.
+Added: The property is not in a cash trap and no event of default has occurred under the loan documents.
Interest Expense
3 unchanged sentences
Unsecured revolving credit facilities $ 2,015 $ 2,003 $ 2,074
−Removed: Unsecured term loan facilities 67,928 73,151 52,355
+Added: Unsecured term loans 44,500 67,928 73,151
Convertible senior notes 12,983 13,125 13,125
−Removed: Senior unsecured notes 6,493 2,169 2,525
−Removed: Mortgage debt 12,931 14,704 9,788
−Removed: Amortization of deferred financing fees, (premiums) and discounts 10,268 8,104 16,465
+Added: Unsecured senior notes 25,396 6,493 2,169
+Added: Mortgage loans 12,226 12,931 14,704
+Added: Amortization of debt (premiums) and deferred financing fees, and (gain) loss on debt extinguishment 1,973 10,268 8,104
Other 4,240 ( 316 ) 2,333
Total interest expense $ 103,333 $ 112,432 $ 115,660
−Removed: The Company estimates the fair value of its fixed rate mortgage loans and senior unsecured notes by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within Level 2 of the fair value hierarchy.
+Added: The Company estimates the fair value of its fixed rate mortgage loans and unsecured senior notes by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within Level 2 of the fair value hierarchy.
The Company estimates the fair value of its fixed rate convertible senior notes using public market prices and is classified within Level 1 of the fair value hierarchy.
−Removed: The estimated fair value of the Company’s fixed rate debt (unsecured senior notes, convertible senior notes and the Estancia mortgage loan) as of December 31, 2024 and 2023 was $ 1.1 billion and $ 686.3 million, respectively.
+Added: The estimated fair value of the Company's fixed rate debt (unsecured senior notes, convertible senior notes and the Estancia mortgage loan) as of December 31, 2025 and 2024 was $ 1.2 billion and $ 1.1 billion, respectively.
The fair value of the Company's variable rate debt approximates its carrying value.
Future Minimum Principal Payments
−Removed: As of December 31, 2024, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands):
+Added: As of December 31, 2025, the future minimum principal payments for the Company's debt are as follows (in thousands):
2026 $ 392,308
Total debt principle payments $ 2,145,264
−Removed: Deferred financing costs, net ( 17,733 )
+Added: Unamortized debt premium and deferred financing costs, net ( 21,172 )
Total debt $ 2,124,092
8 unchanged sentences
Swap-cash flow 3.22 % - 3.25 %
−Removed: January 2024 $ — $ 300,000
−Removed: Swap-cash flow 3.22 % - 3.25 %
October 2025 $ — $ 200,000
Swap-cash flow (1)
+Added: 1.33 % - 1.36 %
February 2026 — 290,000
2 unchanged sentences
Swap-cash flow 3.29 % October 2027 165,000 165,000
+Added: Swap-cash flow 3.34 % November 2027 200,000 —
+Added: Swap-cash flow 3.54 % - 3.55 %
+Added: May 2028 100,000 —
Total $ 665,000 $ 855,000
+Added: ______________________
+Added: (1) In December 2025, the Company received a cash settlement for the early termination of these interest rate swap agreements.
The Company records all derivative instruments at fair value in the accompanying consolidated balance sheets.
−Removed: Fair values of interest rate swaps and caps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts.
+Added: Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts.
Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs).
3 unchanged sentences
As of December 31, 2025 and 2024, the Company's interest rate swap assets had an aggregate fair value of $ 0.7 million and $ 16.6 million, respectively.
−Removed: None of the Company's interest rate swaps was in a liability position as of December 31, 2024 and 2023.
+Added: As of December 31, 2025 and 2024, the Company's interest rate swap liabilities had an aggregate fair value of $ 0.9 million and zero , respectively.
Interest rate swap assets are included in prepaid expenses and other assets and interest rate swap liabilities are included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.
17 unchanged sentences
(1) Other includes:
−Removed: Seattle, WA, Philadelphia, PA, Newport, RI and Santa Cruz, CA.
+Added: Seattle, WA, Newport, RI and Santa Cruz, CA.
Payments from customers are primarily made when services are provided.
5 unchanged sentences
Common Share Repurchase Programs
−Removed: On July 27, 2017, the Company's Board of Trustees authorized a share repurchase program of up to $ 100.0 million of common shares.
+Added: On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $ 150.0 million of common shares (the "February 2023 Common Share Repurchase Program").
Under this program, the Company could repurchase common shares from time to time in transactions on the open market or by private agreement.
−Removed: As of June 30, 2023, no common shares remained available for repurchase under this program.
−Removed: On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $ 150.0 million of common shares.
+Added: The Company could have suspended or discontinued this program at any time.
+Added: On October 21, 2025, the Company's Board of Trustees terminated the February 2023 Common Share Repurchase Program and authorized a new common share repurchase program of up to $ 150.0 million of common shares (the "October 2025 Common Share Repurchase Program").
Under this program, the Company may repurchase common shares from time to time in transactions on the open market or by private agreement.
1 unchanged sentence
Common shares repurchased by the Company cease to be outstanding and become authorized but unissued common shares.
−Removed: During the year ended December 31, 2024, the Company repurchased 1,127,255 common shares for an aggregate purchase price of $ 15.0 million, or an average of approximately $ 13.31 per share.
−Removed: As of December 31, 2024, $ 131.0 million of common shares remained available for repurchase under this program.
+Added: During the year ended December 31, 2025, the Company repurchased 6,277,068 common shares for an aggregate purchase price of $ 71.4 million, or an average of approximately $ 11.37 per share, under the February 2023 Common Share Repurchase Program.
+Added: As of December 31, 2025, no common shares were available for repurchase under the February 2023 Common Share Repurchase Program.
+Added: As of December 31, 2025, $ 150.0 million of common shares remained available for repurchase under the October 2025 Common Share Repurchase Program.
Common Dividends
29 unchanged sentences
Under the terms of the program, the Company may repurchase up to an aggregate of $ 100.0 million of its 6.375 % Series E Cumulative Redeemable Preferred Shares, 6.30 % Series F Cumulative Redeemable Preferred Shares, 6.375 % Series G Cumulative Redeemable Preferred Shares and 5.70 % Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement.
−Removed: During the year ended December 31, 2024, no Preferred Shares were repurchased under this program.
+Added: During the year ended December 31, 2025, the Company repurchased 531,038 Preferred Shares for an aggregate purchase price of $ 10.1 million, or an average of approximately $ 18.95 per share.
As of December 31, 2025, $ 74.1 million of Preferred Shares remained available for repurchase under this program.
2 unchanged sentences
The program does not have an expiration date and may be suspended, modified or discontinued at any time.
+Added: In connection with the sale of Montrose at Beverly Hills on November 19, 2025, $ 4.0 million of the purchase price was paid with 208,447 Preferred Shares, which were retired at closing.
Preferred Dividends
36 unchanged sentences
The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.
−Removed: On November 30, 2018, in connection with the merger with LaSalle Hotel Properties ("LaSalle"), the Company issued 133,605 OP units to third-party limited partners of LaSalle's operating partnership.
−Removed: In December 2023, these OP units were redeemed for common shares on a one -for-one basis.
On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 16,291 OP units.
15 unchanged sentences
At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company's election, cash or common shares having an equivalent value.
−Removed: As of December 31, 2024, the Operating Partnership had 3,104,400 Series Z Preferred Units outstanding.
+Added: As of December 31, 2025 and 2024, the Operating Partnership had 3,104,400 Series Z Preferred Units outstanding.
Share-Based Compensation Plan
Available Shares
−Removed: The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers.
+Added: The Company maintains the 2009 Equity Incentive Plan (as amended and restated effective May 23, 2025, the "Plan") to attract and retain independent trustees, executive officers and other key employees and service providers.
The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards.
2 unchanged sentences
All outstanding share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements.
+Added: On May 23, 2025, shareholders of the Company approved an amendment to the Plan which increased the aggregate number of equity-based awards that may be issued under the Plan by 3,000,000 shares and extended the time period during which awards may be granted until June 30, 2036.
As of December 31, 2025, there were 3,846,257 common shares available for issuance under the Plan.
18 unchanged sentences
The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company's common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period.
−Removed: For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $ 3.4 million, $ 3.5 million and $ 3.8 million, respectively, of share-based compensation expense related to these awards in the accompanying consolidated statements of operations and comprehensive income.
+Added: For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $ 3.1 million, $ 3.4 million and $ 3.5 million, respectively, of share-based compensation expense related to these awards as presented in the accompanying consolidated statements of operations and comprehensive income.
As of December 31, 2025, there was $ 2.2 million of total unrecognized share-based compensation expense related to unvested restricted shares.
2 unchanged sentences
On February 12, 2020, the Board of Trustees approved a target award of 161,777 performance-based equity awards to officers and employees of the Company.
−Removed: In January 2022, none of these awards vested and the Company issued no common shares to officers or employees.
−Removed: The actual number of common shares that vested was based on the performance criteria defined in the award agreements for the period of performance from January 1, 2019 through December 31, 2021.
−Removed: On February 12, 2020, the Board of Trustees approved a target award of 161,777 performance-based equity awards to officers and employees of the Company.
−Removed: In January 2023, following the completion of the performance period from January 1, 2020 through December 31, 2022, the Company issued 51,686 common shares in settlement of the awards, based on the performance criteria defined in the award agreements.
+Added: In January 2023, following the completion of the performance period from January 1, 2020 through December 31, 2022, the Company issued 51,686 common shares in settlement of the awards, based on the performance criteria set forth in the award agreements.
On February 18, 2021, the Board of Trustees approved a target award of 189,348 performance-based equity awards to officers and employees of the Company.
−Removed: In January 2024, following the completion of the performance period from January 1, 2021 through December 31, 2023, the Company issued 71,677 common shares in settlement of the awards, based on the performance criteria defined in the award agreements.
+Added: In January 2024, following the completion of the performance period from January 1, 2021 through December 31, 2023, the Company issued 71,677 common shares in settlement of the awards, based on the performance criteria set forth in the award agreements.
On May 16, 2022, the Board of Trustees approved a target award of 175,898 performance-based equity awards to officers and employees of the Company.
−Removed: These awards will vest, if at all, in 2025.
−Removed: The actual number of common shares that ultimately vest will be from 0 % to 200 % of the target award and will be determined in 2025 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2022 through December 31, 2024.
+Added: In January 2025, following the completion of the performance period from January 1, 2022 through December 31, 2024, the Company issued 29,928 common shares in settlement of the awards, based on the performance criteria set forth in the award agreements.
On February 17, 2023, the Board of Trustees approved a target award of 314,235 performance-based equity awards to officers and employees of the Company.
+Added: In January 2026, following the completion of the performance period from January 1, 2023 through December 31, 2025, none of these awards vested and the Company issued zero common shares to officers or employees.
+Added: On February 15, 2024, the Board of Trustees approved a target award of 322,950 performance-based equity awards to officers and employees of the Company.
These awards will vest, if at all, in 2027.
−Removed: The actual number of common shares that ultimately vest will be from 0 % to 200 % of the target award and will be determined in 2026 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2023 through December 31, 2025.
+Added: The actual number of common shares that ultimately vest will be from 0 % to 200 % of the target award and will be determined in 2027 based on the performance criteria set forth in the award agreements for the period of performance from January 1, 2024 through December 31, 2026.
On February 7, 2025, the Board of Trustees approved a target award of 348,332 performance-based equity awards to officers and employees of the Company.
These awards will vest, if at all, in 2028.
−Removed: The actual number of common shares that ultimately vest will be from 0 % to 200 % of the target award and will be determined in 2027 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2024 through December 31, 2026.
+Added: The actual number of common shares that ultimately vest will be from 0 % to 200 % of the target award and will be determined in 2028 based on the performance criteria set forth in the award agreements for the period of performance from January 1, 2025 through December 31, 2027.
The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions):
1 unchanged sentence
February 12, 2020
−Removed: Relative and Absolute Total Shareholder Return 65.00 % / 35.00 %
−Removed: $ 4.5 26.00 % 2.52 % 4.20 %
−Removed: February 12, 2020
Relative Total Shareholder Return 100.00 % $ 4.9 23.40 % 1.41 % — %
8 unchanged sentences
$ 6.6 38.50 % 4.38 % — %
+Added: February 7, 2025
+Added: Relative and Absolute Total Shareholder Return 70.00 % / 30.00 %
+Added: $ 4.5 37.60 % 4.31 % — %
In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718.
1 unchanged sentence
The Company recognizes compensation expense on a straight-line basis through the vesting date.
−Removed: For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $ 6.0 million, $ 5.6 million and $ 4.8 million, respectively, of share-based compensation expense related to performance-based equity awards in the accompanying consolidated statements of operations and comprehensive income.
+Added: For the years ended December 31, 2025, 2024 and 2023, the Company recognized approximately $ 5.7 million, $ 6.0 million and $ 5.6 million, respectively, of share-based compensation expense related to performance-based equity awards as presented in the accompanying consolidated statements of operations and comprehensive income.
As of December 31, 2025, there was approximately $ 5.4 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.6 years.
6 unchanged sentences
All of the outstanding LTIP units are held by officers of the Company.
−Removed: On February 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers of the Company.
+Added: On February 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers.
These LTIP units will vest ratably on January 1, 2023, 2024, 2025 and 2026, contingent upon continued employment with the Company.
The fair value of each award was determined based on the closing price of the Company's common shares on the grant date of $ 22.69 per unit with an aggregate grant date fair value of $ 13.6 million.
−Removed: On February 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to executive officers of the Company.
+Added: On February 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to executive officers.
These LTIP units will vest ratably on January 1, 2024, 2025 and 2026, contingent upon continued employment with the Company.
3 unchanged sentences
The fair value of each award was determined based on the closing price of the Company's common shares on the grant date of $ 16.13 per unit with an aggregate grant date fair value of $ 2.2 million.
+Added: On February 7, 2025, the Board of Trustees granted 159,594 LTIP Class B units to executive officers.
+Added: These LTIP units will vest ratably on January 1, 2026, 2027 and 2028, contingent upon continued employment with the Company.
+Added: The fair value of each award was determined based on the closing price of the Company's common shares on the grant date of $ 12.81 per unit with an aggregate grant date fair value of $ 2.0 million.
As of December 31, 2025, the Operating Partnership had 1,154,431 LTIP units outstanding, of which 710,156 LTIP units have vested.
5 unchanged sentences
The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code.
−Removed: To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders.
+Added: To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders.
It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT.
51 unchanged sentences
Income tax expense (benefit) $ 6,291 $ ( 25,628 ) $ 655
−Removed: A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands):
+Added: A reconciliation of the U.S.
+Added: federal statutory rate and the Company's effective tax rate is as follows (in thousands):
For the year ended December 31,
2025 2024 2023
−Removed: Statutory federal tax expense (benefit) $ ( 5,379 ) $ 16,808 $ 17,906
−Removed: State income tax expense (benefit), net of federal tax expense (benefit) ( 1,829 ) 409 4
+Added: Amount % Amount % Amount %
+Added: federal statutory tax rate $ ( 11,747 ) 21.0 % $ ( 5,379 ) 21.0 % $ 16,808 21.0 %
+Added: State and local income taxes, net of federal income tax effect (1)
+Added: 704 ( 1.3 ) % ( 1,829 ) 7.1 % 409 0.5 %
+Added: Effect of changes in tax law or rates enacted in the current period — — % — — % — — %
+Added: Tax credits — — % — — % — — %
+Added: Changes in valuation allowance 779 ( 1.4 ) % ( 28,368 ) 110.8 % 973 1.2 %
+Added: Nontaxable or nondeductible items:
REIT income not subject to tax 16,390 ( 29.3 ) % 9,800 ( 38.3 ) % ( 16,536 ) ( 20.7 ) %
−Removed: Change in valuation allowance ( 28,368 ) 973 ( 495 )
Other 168 ( 0.3 ) % 178 ( 0.7 ) % 97 0.1 %
−Removed: Income tax expense (benefit), net $ ( 25,628 ) $ 655 $ 277
+Added: Changes in unrecognized tax benefits — — % — — % — — %
+Added: Other adjustments:
+Added: Deferred adjustment for investment in subsidiary — — % — — % ( 1,104 ) ( 1.4 ) %
+Added: Miscellaneous ( 3 ) — % ( 30 ) 0.1 % 8 — %
+Added: Effective tax rate $ 6,291 ( 11.3 ) % $ ( 25,628 ) 100.0 % $ 655 0.7 %
+Added: ______________________
+Added: (1) The following states made up the majority of the tax effect:
+Added: California and Massachusetts in 2025, 2024 and 2023.
+Added: The Company paid income taxes or received income tax refunds of the following (in thousands):
+Added: For the year ended December 31,
+Added: 2025 2024 2023
+Added: federal $ 578 $ 465 $ ( 2,911 )
+Added: state and local:
+Added: California 894 1,515 *
+Added: Florida * 221 *
+Added: Illinois 103 260 222
+Added: Philadelphia ( 170 ) * *
+Added: Others 9 123 140
+Added: state and local $ 836 $ 2,119 $ 362
+Added: Total income taxes paid (refunded) $ 1,414 $ 2,584 $ ( 2,549 )
+Added: ______________________
+Added: * The amount of income taxes paid during the year did not meet the 5% disaggregation threshold.
The significant components of the Company's deferred tax assets as of December 31, 2025 and 2024 consisted of the following (in thousands):
8 unchanged sentences
The Company evaluates its deferred tax assets each reporting period to determine if it is more likely than not that those assets will be realized or if a valuation allowance is needed.
−Removed: At December 31, 2023, the Company provided a valuation allowance against its federal and state deferred tax assets.
−Removed: During the third quarter of 2024, due to the TRS no longer having a three-year cumulative loss and continued improvement in the Company's financial results coming out of the COVID-19 pandemic and the projected future taxable income of its TRS, the Company determined that the release of a significant portion of its federal and state valuation allowance was appropriate.
−Removed: The change in the valuation allowance was a $ 31.7 million decrease in 2024 and $ 3.0 million increase in 2023.
+Added: In 2024, due to the TRS no longer having a three-year cumulative loss and continued improvement in the Company's financial results coming out of the COVID-19 pandemic and the projected future taxable income of its TRS, the Company released a portion of its federal and state valuation allowance.
+Added: The change in the valuation allowance was a $ 0.8 million increase in 2025 and a $ 31.7 million decrease in 2024.
The Company has provided a valuation allowance against a portion of its state deferred tax assets at December 31, 2025 due to the uncertainty of realizing the loss in future years.
+Added: The Company's federal net operating loss can be carried forward indefinitely.
As of December 31, 2025 and 2024, the Company had no material unrecognized tax benefits.
14 unchanged sentences
For the years ended December 31, 2025, 2024 and 2023, 1,383,592 , 1,215,533 and 1,108,816 , respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive.
−Removed: For the years ended December 31, 2024, 2023 and 2022, the 29,441,175 common shares underlying the Convertible Notes have been excluded from diluted shares as their effect would have been anti-dilutive.
+Added: For the years ended December 31, 2025, 2024 and 2023, 13,739,215 , 29,441,175 and 29,441,175 , respectively, of common shares underlying the Convertible Notes 2026 have been excluded from diluted shares as their effect would have been anti-dilutive.
The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.
2 unchanged sentences
The Company's hotel properties are operated pursuant to management agreements with various management companies.
−Removed: The remaining terms of these management agreements are up to 9 years, not including renewals, and up to 28 years, including renewals.
+Added: The remaining terms of these management agreements are up to eight years , not including renewals, and up to 27 years, including renewals.
The majority of the Company's management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees.
11 unchanged sentences
At December 31, 2025 and 2024, the Company had $ 12.0 million and $ 10.9 million, respectively, in restricted cash, which consisted of funds held in cash management accounts held by a lender, reserves for replacement of furniture and fixtures, and reserves to pay for real estate taxes, ground rent or property insurance under certain hotel management agreements or loan agreements.
−Removed: Hotel, Ground and Finance Leases
+Added: Long-Term Property Operating and Finance Leases
At December 31, 2025, the following hotels were subject to leases as follows:
25 unchanged sentences
(3) The expiration date assumes the exercise of all 19 five-year extension options.
+Added: (4) This property consists of a 116 -guest room building which is owned fee simple and an adjoining building with 80 guest-rooms which is subject to a lease agreement.
The expiration date assumes the exercise of a 30-year extension option.
10 unchanged sentences
Total ground rent $ 39,493 $ 39,475 $ 39,385
−Removed: Future maturities of lease liabilities for the Company's operating leases at December 31, 2024 were as follows (in thousands):
+Added: Future maturities of lease liabilities for the Company's operating and finance leases at December 31, 2025 were as follows (in thousands):
+Added: Operating Leases Finance Leases
2026 $ 22,002 $ 2,530
+Added: 2027 21,954 2,615
+Added: 2028 22,049 2,703
+Added: 2029 21,913 2,794
+Added: 2030 21,944 2,887
Thereafter 1,542,011 103,180
2 unchanged sentences
Present value of lease liabilities $ 333,068 $ 44,594
+Added: As of December 31, 2025 and 2024, the weighted-average remaining operating lease term was 55.4 years and 57.1 years, respectively, and the weighted-average discount rate used to determine the operating lease liabilities was 6.4 % for both periods.
+Added: As of December 31, 2025 and 2024, the weighted-average remaining finance lease term was 28.9 years and 29.9 years, respectively, and the weighted-average discount rate used to determine the finance lease liabilities was 7.0 % for both periods.
The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business.
13 unchanged sentences
Issuance of common shares for OP units redemption $ — $ — $ 3,515
−Removed: Issuance of common units in connection with hotel acquisition $ — $ — $ 390
−Removed: Issuance of preferred units in connection with hotel acquisition $ — $ — $ 77,610
Accrued additions and improvements to hotel properties $ ( 3,041 ) $ 1,817 $ 65
−Removed: Right of use assets obtained in exchange for lease liabilities $ — $ — $ 1,005
Write-off of fully depreciated building, furniture, fixtures and equipment $ — $ 52,945 $ 7,267
Write-off of fully amortized deferred financing costs $ 4,971 $ 8,841 $ 1,199
+Added: Write-down of investment $ 3,900 $ — $ —
+Added: Preferred shares received in connection with hotel sale $ 4,000 $ — $ —
Operating Segment Information
12 unchanged sentences
The CODM does not rely on segment assets or aggregated data by brand, property type, or geographic region to make strategic, operational, investment or resource allocation decisions.
−Removed: The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to Net income (loss) for the years ended December 31, 2024, 2023 and 2022.
−Removed: (in thousands)
+Added: The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to Net income (loss) for the years ended December 31, 2025, 2024 and 2023 (in thousands):
For the year ended December 31,
26 unchanged sentences
(2) Corporate and other include corporate general and administrative and other operating income and expenses.
+Added: Subsequent Events
+Added: On February 11, 2026, the Company amended its Credit Facility to provide for a $ 450.0 million delayed draw term loan facility which will mature in February 2031.
+Added: The Company immediately borrowed $ 360.0 million under the delayed draw term loan to extend the Term Loan 2027.
+Added: The Company has the option to borrow the remaining $ 90.0 million by December 15, 2026.
+Added: The Credit Facility was also amended to remove the SOFR adjustment from its senior unsecured revolving credit facility and all unsecured term loan facilities.
+Added: Concurrently, the maturity date of the $ 48.0 million unextended portion of the senior unsecured revolving credit facility was extended to October 13, 2028.
Pebblebrook Hotel Trust
25 unchanged sentences
Chaminade Resort & Spa — 22,590 37,114 6,009 22,788 22,680 54,371 11,450 88,501 21,259 67,242 1985 11/30/2018 3 - 40 years
+Added: Harbor Court Hotel San Francisco — — 79,009 6,190 2,224 — 80,409 7,014 87,423 21,342 66,081 1926/1991 11/30/2018 3 - 40 years
+Added: Viceroy Santa Monica Hotel — — 91,442 5,257 20,824 — 106,817 10,706 117,523 30,854 86,669 1967/2002 11/30/2018 3 - 40 years
Pebblebrook Hotel Trust
5 unchanged sentences
Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life
−Removed: Harbor Court Hotel San Francisco — — 79,009 6,190 2,054 — 80,269 6,984 87,253 18,364 68,889 1926/1991 11/30/2018 3 - 40 years
−Removed: Viceroy Santa Monica Hotel — — 91,442 5,257 19,829 — 105,843 10,685 116,528 26,676 89,852 1967/2002 11/30/2018 3 - 40 years
Le Parc at Melrose — 17,876 65,515 2,496 14,557 17,966 75,953 6,525 100,444 21,421 79,023 1970 11/30/2018 3 - 40 years
−Removed: Montrose at Beverly Hills — 16,842 58,729 6,499 3,582 16,842 60,756 8,054 85,652 16,103 69,549 1976 11/30/2018 3 - 40 years
Chamberlain West Hollywood — 14,462 43,157 5,983 2,841 14,495 44,952 6,996 66,443 14,923 51,520 1970/2005 11/30/2018 3 - 40 years
14 unchanged sentences
Hotel Chicago Downtown, Autograph Collection — 39,576 114,014 7,608 ( 53,333 ) 25,181 73,286 9,398 107,865 21,566 86,299 1998 11/30/2018 3 - 40 years
−Removed: The Westin Michigan Avenue Chicago — 44,983 103,160 23,744 ( 56,701 ) 25,684 63,665 25,837 115,186 32,663 82,523 1963/1972 11/30/2018 3 - 40 years
+Added: Jekyll Island Club Resort — — 88,912 5,031 24,895 — 105,887 12,951 118,838 26,064 92,774 1886/1986 7/22/2021 2 - 40 years
+Added: Margaritaville Hollywood Beach Resort (2)
+Added: 40,000 — 244,230 22,288 16,789 — 256,332 26,975 283,307 50,535 232,772 2015 9/23/2021 3 - 40 years
+Added: Estancia La Jolla Hotel & Spa (3)
+Added: 53,395 — 104,280 3,646 28,853 267 125,029 11,483 136,779 24,461 112,318 2004 12/1/2021 2 - 40 years
+Added: Inn on Fifth — 50,503 95,826 7,989 5,759 50,510 100,609 8,958 160,077 15,745 144,332 1960 5/11/2022 3 - 40 years
Pebblebrook Hotel Trust
5 unchanged sentences
Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life
−Removed: Jekyll Island Club Resort — — 88,912 5,031 24,410 — 105,369 12,984 118,353 20,124 98,229 1886/1986 7/22/2021 2 - 40 years
−Removed: Margaritaville Hollywood Beach Resort (2)
−Removed: 140,000 — 244,230 22,288 12,502 — 253,139 25,881 279,020 37,876 241,144 2015 9/23/2021 3 - 40 years
−Removed: Estancia La Jolla Hotel & Spa (3)
−Removed: 55,413 — 104,280 3,646 28,200 267 124,610 11,249 136,126 18,023 118,103 2004 12/1/2021 2 - 40 years
−Removed: Inn on Fifth — 50,503 95,826 7,989 3,177 50,503 98,385 8,607 157,495 11,236 146,259 1960 5/11/2022 3 - 40 years
Newport Harbor Island Resort — 43,287 118,227 12,817 63,270 43,305 170,400 23,896 237,601 35,869 201,732 1969 6/23/2022 3 - 40 years
11 unchanged sentences
Balance at December 31, 2022 $ 6,729,381
−Removed: Acquisitions 331,249
Capital expenditures 188,520
17 unchanged sentences
Disposal of Assets ( 8,958 )
+Added: Other ( 4,787 )
Balance at December 31, 2024 $ 1,530,854
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.