v3.26.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Hotels Subject to Leases
At March 31, 2026, the following hotels were subject to leases as follows:
Lease PropertiesLease TypeLease Expiration Date
Restaurant at Southernmost Beach Resort
Operating leaseApril 2029
Paradise Point Resort & SpaOperating leaseMay 2050
Harbor Court Hotel San FranciscoFinance leaseAugust 2052
Hotel Monaco Washington DCOperating leaseNovember 2059
Argonaut HotelOperating leaseDecember 2059
Hotel Zephyr Fisherman's Wharf and Retail
Operating leaseFebruary 2062
Viceroy Santa Monica HotelOperating leaseSeptember 2065
Estancia La Jolla Hotel & SpaOperating leaseJanuary 2066
San Diego Mission Bay ResortOperating leaseJuly 2068
1 Hotel San FranciscoOperating leaseMarch 2070
(1)
Hyatt Regency Boston HarborOperating leaseApril 2077
The Westin Copley Place, BostonOperating leaseDecember 2077
(2)
The Liberty, a Luxury Collection Hotel, BostonOperating leaseMay 2080
Jekyll Island Club Resort and Restaurant
Operating leaseJanuary 2089
Hotel Zeppelin San Francisco
Operating and finance leaseJune 2089
(4)
Hotel Zelos San FranciscoOperating leaseJune 2097
Hotel Palomar Los Angeles Beverly HillsOperating leaseJanuary 2107
(3)
Margaritaville Hollywood Beach ResortOperating leaseJuly 2112
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(1)     The expiration date assumes the exercise of a 14-year extension option.
(2)     No payments are required through maturity.
(3)     The expiration date assumes the exercise of all 19 five-year extension options.
(4)     This property consists of a 116-guest room building, which is owned in 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.
Schedule of Components of Ground Rent Expense
The components of ground rent expense for the three months ended March 31, 2026 and 2025 are as follows (in thousands):
For the three months ended
March 31,
20262025
Fixed ground rent $5,156 $4,810 
Variable ground rent4,803 4,186 
Total ground rent$9,959 $8,996