0001476045-24-000019 | 10-K | XBRL Viewer

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Commitments and Contingencies - Terms of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2023
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn White Plains
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Courtyard Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
SpringHill Suites Savannah
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Courtyard Addison
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Dedham
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Courtyard Dallas
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.00%
Residence Inn Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Marketing/Program Fee	2.50%
Residence Inn Austin Northwest/The Domain Area \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Residence Inn Austin Northwest/The Domain Area \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
TownePlace Suites Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Marketing/Program Fee	2.00%
TownePlace Suites Austin Northwest/The Domain Area \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
TownePlace Suites Austin Northwest/The Domain Area \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Home2 Suites Woodland Hills
Real Estate Properties [Line Items]
Marketing/Program Fee	3.00%
Home2 Suites Woodland Hills \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Home2 Suites Woodland Hills \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Hilton Garden Inn Destin Miramar Beach
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%

Debt - Additional Information (Details)				12 Months Ended
Debt - Additional Information (Details)	Dec. 19, 2022 USD ($)	Oct. 28, 2022 USD ($) extension_option	Oct. 26, 2021 extension_option	Dec. 31, 2023 USD ($) mortgage_loan mortgage_debt_lender	Dec. 31, 2022 USD ($)	Oct. 26, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding borrowing under the revolving credit facility				$ 0	$ 0
Number of mortgage loan \| mortgage_loan				5
Number of mortgage debt lenders enforcing cash trap provisions \| mortgage_debt_lender				4
Restricted cash				$ 5,600,000
Construction loan \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt				$ 396,000,000	412,700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options \| extension_option			2
Outstanding borrowing under the revolving credit facility				90,000,000	0
Estimated fair value of debt				90,000,000	39,300,000
Construction loan
Debt Instrument [Line Items]
Repayments of debt				39,300,000
Homewood Suites by Hilton San Antonio, TX
Debt Instrument [Line Items]
Repayments of debt				14,400,000
Residence Inn Tysons
Debt Instrument [Line Items]
Repayments of debt				19,700,000
Courtyard by Marriott Houston, TX
Debt Instrument [Line Items]
Repayments of debt				16,000,000
Hyatt Place Pittsburgh, PA
Debt Instrument [Line Items]
Repayments of debt				19,700,000
Residence Inn by Marriott Bellevue, WA
Debt Instrument [Line Items]
Repayments of debt				40,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity (up to)	$ 260,000,000
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity (up to)		$ 215,000,000		$ 350,000,000	$ 260,000,000	$ 250,000,000
Period of extension options		6 months
Increasing commitments amount	$ 45,000,000
Revolving Credit Facility \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Borrowing capacity (up to)		$ 90,000,000
Number of extension options \| extension_option		2
Period of extension options		1 year

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented.

The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt, revolving credit facility and construction loan. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt, the revolving credit facility, the construction loan, and the unsecured term loan, the fair value of which is separately disclosed in Note 7.

Investment in Hotel Properties

The Company allocates the purchase prices of hotel properties acquired as asset acquisitions based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence.

The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations.

Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair value is recorded and an impairment loss recognized. For the year ended December 31, 2023, the Company incurred an impairment loss on one hotel property (See Note 5). For the year ended December 31, 2022, there were no impairment losses. For the year ended December 31, 2021, the Company incurred an impairment loss on one hotel property (See Note 5).

For properties the Company considers held for sale, depreciation and amortization are no longer recorded, and the value of the properties is recorded at the lower of depreciated cost or fair value, less the costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met. As of December 31, 2023 and 2022 the Company had no hotel properties that met the criteria to be presented as held for sale.

Investment in Unconsolidated Real Estate Entities

If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee.

Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the

respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities.

The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture.

The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.

Restricted Cash

Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract, escrows and reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans, and trapped cash held in cash management accounts for the benefit of the Company's lenders (see Note 7 for additional information relating to "cash trap" provisions). Restricted cash on the accompanying consolidated balance sheets at December 31, 2023 and 2022 is $17.6 million and $18.9 million, respectively.

Hotel Receivables

Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2023 and 2022, the allowance for doubtful accounts was $0.3 million and $0.3 million, respectively.

Prepaid Expenses and Other Assets

The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.

Deferred Costs

Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Loan costs	$	6,256	$	8,559
Franchise fees	4,311		4,608
Other	102		—
	10,669		13,167
Less accumulated amortization	(6,423)		(6,739)
Deferred costs, net	$	4,246	$	6,428

Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $0.7 million, $1.2 million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, is included in interest expense in the consolidated statements of operations.

Mortgage Debt, net

Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Mortgage debt	$	396,109	$	430,926
Deferred financing costs	(1,565)		(373)
Mortgage debt, net	$	394,544	$	430,553

Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to mortgage loan costs of $0.3 million, $0.3 million, and $0.3 million, respectively, is included in interest expense in the consolidated statement of operations.

Unsecured Term Loan, net

Unsecured term loan, net consists of the Company's outstanding borrowings under its unsecured term loan less the costs associated with acquiring the loan. The balances as of December 31, 2023 and 2022 were as follows (in thousands):


	December 31, 2023		December 31, 2022
Unsecured term loan	$	90,000	$	—
Deferred financing costs	(467)		—
Unsecured term loan, net	$	89,533	$	—

Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to unsecured term loan costs of $0.2 million, $0, and $0, respectively, is included in interest expense in the consolidated statement of operations.

Revenue Recognition

Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided.

Share-Based Compensation

The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership.

Earnings Per Share

A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.

Income Taxes

The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions.

The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases.

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.

As of December 31, 2023, the Company is no longer subject to U.S federal income tax examinations for years before 2020 and with few exceptions to state examinations before 2020. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2023. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

Segment Information

Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.

Recently Issued Accounting Standards

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of December 31, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures.

Investment in Hotel Properties - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 24, 2022
Schedule of Investments [Line Items]
Impairment loss		$ 0
Write-off of hotel development costs included in other charges	$ 2,238,000	$ 0	$ 0
HGI Denver Tech
Schedule of Investments [Line Items]
Impairment loss	$ 4,300,000
Hilton Garden Inn Burlington
Schedule of Investments [Line Items]
Impairment loss			$ 5,600,000
Home2 Suites Woodland Hills
Schedule of Investments [Line Items]
Costs of development incurred to date				$ 70,900,000
Land \| Home2 Suites Woodland Hills
Schedule of Investments [Line Items]
Costs of development incurred to date				6,600,000
Other Development Costs \| Home2 Suites Woodland Hills
Schedule of Investments [Line Items]
Costs of development incurred to date				$ 64,300,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Investment in Unconsolidated Entities - Schedule of Income from Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 311,109	$ 294,851	$ 203,975
Hotel operating income	28,614	36,453	(17,214)
Net income (loss) attributable to Chatham Lodging Trust	2,644	9,805	(18,410)
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	0	0	24,690
Total hotel operating expenses	0	0	24,106
Hotel operating income	0	0	584
Net income (loss) attributable to Chatham Lodging Trust	0	0	(13,109)
Loss allocable to the Company	0	0	(1,347)
Basis difference adjustment	0	0	116
Total loss from unconsolidated real estate entities attributable to the Company	$ 0	$ 0	$ (1,231)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Lease Cost (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (years)	42 years 29 days
Weighted-average discount rate	6.89%

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the year ended December 31, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of December 31, 2023, Mr. Fisher owns 100% of IHM. As of December 31, 2023, the Company had hotel management agreements with IHM to manage all 39 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2023, 2022 and 2021 were $10.6 million, $10.1 million and $7.2 million, respectively. At December 31, 2023 and 2022, the amounts due to IHM were $0.4 million and $0.4 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2023, 2022 and 2021 were $182 thousand, $224 thousand and $35 thousand, respectively. Cost reimbursements from related parties revenue represent reimbursements of costs incurred on behalf of the NewINK JV, the Inland JV and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and the Inland JV where the Company was the employer and office expenses shared with these entities and IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements are recorded based upon the occurrence of a reimbursed activity.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	157,641	0	209,175
Numerator:
Net (loss) income attributable to common shareholders	$ (5,306)	$ 1,855	$ (22,385)
Dividends paid on unvested shares and units	(110)	(25)	0
Net (loss) income attributable to common shareholders	$ (5,416)	$ 1,830	$ (22,385)
Denominator:
Weighted average number of common shares - basic (in shares)	48,847,386	48,795,642	48,349,027
Effect of dilutive securities:
Unvested shares and units (in shares)		263,080
Weighted average number of common shares - diluted (In shares)	48,847,386	49,058,722	48,349,027
Basic (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ (0.11)	$ 0.04	$ (0.46)
Diluted (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ (0.11)	$ 0.04	$ (0.46)

Leases - Schedule of Right of Use Asset and Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Right of Use Asset
Beginning balance	$ 19,297
Amortization	(625)	$ (688)	$ (656)
Partial lease termination	(531)
Ending balance	18,141	19,297
Lease Liability
Beginning balance	22,108
Amortization	(605)
Partial lease termination	(695)
Ending balance	$ 20,808	$ 22,108

Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Book loss before income taxes of the TRS	$ (7,309)	$ (12,935)	$ (24,391)
Statutory rate applied to pre-tax income	(1,535)	(2,716)	(5,122)
Effect of state and local income taxes, net of federal tax benefit	(245)	(450)	(1,049)
Permanent adjustments	13	10	8
Change in valuation allowance	1,579	2,971	5,977
Valuation allowance release	0	0	0
Other	188	185	186
Total income tax expense (benefit)	$ 0	$ 0	$ 0
Effective tax rate	0.00%	0.00%	0.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Miami, Florida
Auditor Firm ID	238

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Number of Shares, Nonvested at beginning of the period (in shares)	6,666	10,000	1,667
Number of Shares, Granted (in shares)	2,457	0	10,000
Number of Shares, Vested (in shares)	(3,334)	(3,334)	(1,667)
Number of Shares, Nonvested at end of the period (in shares)	5,789	6,666	10,000
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 11.47	$ 11.47	$ 17.40
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	12.21	0	11.47
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	11.47	11.47	17.40
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 11.78	$ 11.47	$ 11.47

Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 17,619	$ 18,879
Hotel receivables, allowance for doubtful accounts	280	344
Renovation, Property Tax And Insurance Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 17,600	$ 18,900

Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross deferred tax assets:
Allowance for doubtful accounts	$ 71	$ 88
Accrued compensation	179	429
Net operating loss	19,495	17,218
Gross deferred tax assets	19,745	17,735
Less: Valuation Allowance	(19,745)	(17,735)
Total deferred tax assets net of valuation allowance	0	0
Gross deferred tax liabilities:
Total book/tax difference in partnership	0	0
Gross deferred tax liabilities:	0	0
Net, deferred tax assets:	$ 0	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Maturity

The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2023, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments	Amount
2024	$	1,875
2025	1,940
2026	1,728
2027	1,272
2028	1,272
Thereafter	62,282
Total lease payments	$	70,369
Less: Imputed interest	(49,561)
Present value of lease liabilities	$	20,808

Schedule of Right of Use Asset and Liability

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2023:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2023	$	19,297	$	22,108
Amortization	(625)		(605)
Partial lease termination	(531)		(695)
Balance as of December 31, 2023	$	18,141	$	20,808

Schedule of Lease Cost


Lease Term and Discount Rate			December 31, 2023

Weighted-average remaining lease term (years)			42.08
Weighted-average discount rate			6.89%

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Gain on sale of investment in unconsolidated real estate entities		$ 0	$ 0	$ 23,817
Joint Venture Two
Schedule of Equity Method Investments [Line Items]
Percentage ownership by third party (in percentage)						89.70%
Related Party \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels						10.30%
Gain on sale of investment in unconsolidated real estate entities				$ 23,800
Related Party \| Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels					10.00%
Percentage ownership by third party (in percentage)					90.00%
Related Party \| Colony Capital, Inc. \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of interest in affiliate	$ 2,800

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends declared on common share (in dollars per share)	$ 0.28	$ 0.07	$ 0
Distributions declared on LTIP units (in dollars per share)	$ 0.28	$ 0.07
Preferred Shares
Issuance of shares, offering costs			$ 4,063
Common Shares
Issuance of shares, offering costs	$ 2	$ 107	$ 822

Disposition of Hotel Properties - Additional Information (Details) $ in Thousands			12 Months Ended
	May 13, 2022 USD ($) hotel	May 06, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotels sold \| hotel	3
Gain on sale of property			$ 18	$ 2,268	$ (21)
Homewood Suites Dallas-Market Center, Courtyard Houston West University, And Residence Inn Houston West University \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property	$ 57,000
Gain on sale of property	$ 1,800
Hilton Garden Inn Boston-Burlington \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property		$ 23,200
Gain on sale of property		$ 500

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023

(in thousands)


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Homewood Suites Orlando - Maitland, FL	2010	—	$	1,800	$	7,200	$	52	$	5,288	$	1,852	$	12,488	$	14,340	$	12,488	$	5,907	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	14,481	1,470		10,555		48		4,231		1,518		14,786		16,304		14,786		5,664		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		4,501		3,519		18,461		21,980		18,461		7,438		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		4,209		1,537		13,509		15,046		13,509		5,485		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		4,149		1,417		13,524		14,941		13,524		5,095		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	16,338	3,200		12,709		66		3,286		3,266		15,995		19,261		15,995		5,564		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		3,106		2,200		21,871		24,071		21,871		7,351		2004	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		12,723		2,200		30,400		32,600		30,400		11,249		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	—	—		20,281		9		7,071		9		27,352		27,361		27,352		9,772		2000	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	29,496	7,109		35,484		57		5,733		7,166		41,217		48,383		41,217		13,484		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	—	5,999		24,764		7		7,207		6,006		31,971		37,977		31,971		11,118		1996	(1)
Residence Inn Washington DC - Washington, DC	2011	—	6,083		22,063		44		9,879		6,127		31,942		38,069		31,942		11,050		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	—	5,752		28,917		6		3,055		5,758		31,972		37,730		31,972		10,162		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		(1)		1,423		4,314		24,087		28,401		24,087		6,563		2011	(1)
Courtyard Houston - Houston, TX	2013	—	5,600		27,350		—		3,759		5,600		31,109		36,709		31,109		8,715		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	—	3,000		35,576		15		1,813		3,015		37,389		40,404		37,389		10,070		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		1,161		1,904		13,511		15,415		13,511		3,473		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		(3,309)		4,105		19,791		23,896		19,791		6,422		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	—	13,800		56,957		—		2,608		13,800		59,565		73,365		59,565		15,773		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	27,832	2,400		36,050		1		1,854		2,401		37,904		40,305		37,904		10,116		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	60,134	42,652		45,846		—		6,292		42,652		52,138		94,790		52,138		31,540		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	65,609	46,474		50,380		—		7,761		46,474		58,141		104,615		58,141		34,629		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	45,100	38,420		31,352		50		5606		38,470		36,958		75,428		36,958		21,808		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	35,171	22,019		31,813		29		10,365		22,048		42,178		64,226		42,178		25,093		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		2,787		3,700		29,087		32,787		29,087		7,055		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		2,816		2,413		24,370		26,783		24,370		6,253		2000	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		10		2,163		10		91,203		91,213		91,203		20,743		2009	(1)
Hilton Garden Inn - Marina del Rey, CA	2015	19,023	—		43,210		—		1,164		—		44,374		44,374		44,374		9,420		2013	(1)
Residence Inn - Dedham, MA	2015	—	4,230		17,304		—		2,263		4,230		19,567		23,797		19,567		4,407		1998	(1)
Residence Inn - Ft. Lauderdale, FL	2015	—	9,200		24,048		14		2,750		9,214		26,798		36,012		26,798		5,809		2008	(1)

- continued -


			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life
Home2 Suites - Woodland Hills, CA	2017	—	6,500		—		128		56,653		6,628		56,653		63,281		56,653		8,493		2022	(1)
Hilton Garden Inn - Portsmouth, NH	2017	—	3,600		37,630		—		838		3,600		38,468		42,068		38,468		6,084		2006	(1)
Courtyard - Summerville, SC	2017	9,000	2,500		16,923		7		1,040		2,507		17,963		20,470		17,963		2703		2014	(1)
Embassy Suites - Springfield, VA	2017	—	7,700		58,807		—		541		7,700		59,348		67,048		59,348		9,019		2013	(1)
Residence Inn - Summerville, SC	2018	9,500	2,300		17,060		—		292		2,300		17,352		19,652		17,352		2,373		2018	(1)
Courtyard Dallas Downtown - Dallas, TX	2018	24,500	2,900		42,760		—		159		2,900		42,919		45,819		42,919		5,451		2018	(1)
Silicon Valley III - Sunnyvale, CA	2018	—	8,171		—		—		—		8,171		—		8,171		—		—
Residence Inn Austin Northwest/The Domain Area - Austin, TX	2021	20,850	2,400		33,346		—		223		2,400		33,569		35,969		33,569		2,032		2016	(1)
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX	2021	19,075	2,300		29,347		—		78		2,300		29,425		31,725		29,425		1,776		2021	(1)
Hilton Garden Inn Destin - Miramar Beach, FL	2022	—	4,222		25,246		18		161		4,240		25,407		29,647		25,407		1,164		2020	(1)

Grand Total(s)			$	288,979	$	1,087,063	$	692	$	187,699	$	289,671	$	1,274,762	$	1,564,433	$	1,274,762	$	376,323

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20

- continued -


Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2023		2022		2021
Balance at the beginning of the year	$	1,556,453	$	1,557,060	$	1,488,830
Acquisitions	—		29,468		67,393
Dispositions during the year	—		(95,385)		—
Capital expenditures and transfers from construction-in-progress	7,980		65,310		837
Investment in Real Estate	$	1,564,433	$	1,556,453	$	1,557,060


(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:
	2023		2022		2021
Balance at the beginning of the year	$	328,832	$	300,731	$	257,344
Depreciation and amortization	47,491		46,558		43,387
Dispositions during the year	—		(18,457)		—
Balance at the end of the year	$	376,323	$	328,832	$	300,731

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,564,641 as of December 31, 2023.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 2,488	$ 9,871	$ (18,845)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	58,040	59,123	53,967
Amortization of deferred franchise fees	214	246	248
Amortization of deferred financing fees included in interest expense	1,201	1,444	1,825
(Gain) loss on sale of hotel property	(18)	(2,268)	21
Gain on sale of unconsolidated real estate entities	0	0	(23,817)
Impairment loss	4,266	0	5,640
Write-off of hotel development costs included in other charges	2,238	0	0
Loss on early extinguishment of debt	672	138	0
Share based compensation	6,117	5,551	4,823
Gain from partial lease termination	(164)	0	0
Loss from unconsolidated real estate entities	0	0	1,231
Changes in assets and liabilities:
Right of use asset	625	688	656
Hotel receivables	803	(2,191)	(1,314)
Deferred costs	(102)	(175)	(327)
Prepaid expenses and other assets	(382)	(764)	(526)
Accounts payable and accrued expenses	1,048	460	5,732
Lease liability	(604)	(588)	(537)
Net cash provided by operating activities	76,442	71,535	28,777
Cash flows from investing activities:
Improvements and additions to hotel properties	(28,113)	(15,663)	(9,505)
Investment in hotel properties under development	0	(3,299)	(23,903)
Acquisition of hotel properties, net of cash acquired	0	(31,048)	(71,335)
Proceeds from sale of hotel properties, net	0	79,570	0
Proceeds from sale of unconsolidated real estate entities	0	0	2,800
Receipt of deferred key money	0	400	0
Net cash (used in) provided by investing activities	(28,113)	29,960	(101,943)
Cash flows from financing activities:
Borrowings on revolving credit facility	0	40,000	90,000
Repayments on revolving credit facility	0	(110,000)	(155,300)
Borrowings on construction loan	0	4,324	21,682
Repayments on construction loan	(39,331)	0	0
Borrowings on unsecured term loan	90,000	0	0
Payments on mortgage debt	(117,742)	(9,000)	(21,190)
Proceeds from the issuance of mortgage debt	82,925	0	0
Payments of financing costs	(1,482)	(3,388)	(736)
Proceeds from issuance of common shares	61	57	24,612
Proceeds from issuance of preferred shares	0	0	120,000
Distributions - common shares/units	(14,212)	(147)	(282)
Distributions - preferred shares	(7,950)	(7,950)	(2,319)
Net cash (used in) provided by financing activities	(7,733)	(86,211)	71,582
Net change in cash, cash equivalents and restricted cash	40,596	15,284	(1,584)
Cash, cash equivalents and restricted cash, beginning of period	45,153	29,869	31,453
Cash, cash equivalents and restricted cash, end of period	85,749	45,153	29,869
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	24,900	25,298	25,931
Capitalized interest	0	330	3,551
Cash paid for taxes	930	768	387
Remeasurement of right of use asset from partial lease termination	531	0	0
Remeasurement of lease liability from partial lease termination	695	0	0
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	(2)	(107)	(822)
Preferred Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ 0	$ 0	$ (4,063)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Hotel receivables, allowance for doubtful accounts	$ 280	$ 344
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	4,800,000	4,800,000
Preferred shares, shares outstanding (in shares)	4,800,000	4,800,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	48,859,836	48,808,105
Common shares, shares outstanding (in shares)	48,859,836	48,808,105
Related Party
Due to related party	$ 399	$ 361
Other liabilities	$ 399	$ 361

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Components of Deferred Costs

Deferred costs consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Loan costs	$	6,256	$	8,559
Franchise fees	4,311		4,608
Other	102		—
	10,669		13,167
Less accumulated amortization	(6,423)		(6,739)
Deferred costs, net	$	4,246	$	6,428

Schedule of Mortgage Loans and Unsecured Term Loans

Mortgage debt consisted of the following at December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022
Mortgage debt	$	396,109	$	430,926
Deferred financing costs	(1,565)		(373)
Mortgage debt, net	$	394,544	$	430,553

The balances as of December 31, 2023 and 2022 were as follows (in thousands):


	December 31, 2023		December 31, 2022
Unsecured term loan	$	90,000	$	—
Deferred financing costs	(467)		—
Unsecured term loan, net	$	89,533	$	—

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued distributions payable		$ 5,414	$ 5,221	$ 1,800
Accrued share based compensation		500	500	500
Accounts payable and accrued expenses		$ 1,300	$ 1,500	$ 1,000
Subsequent Event
Shares issued pursuant to equity incentive plan (in shares)	43,670

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Number of Shares, Nonvested at beginning of the period (in shares)		905,525	764,178	669,609
Number of Shares, Granted (in shares)		466,988	380,004	330,945
Number of Shares, Vested (in shares)	(234,361)	(372,558)	(238,657)	(219,451)
Number of shares forfeited (in shares)		0	0	(16,925)
Number of Shares, Nonvested at end of the period (in shares)		999,955	905,525	764,178
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)		$ 15.03	$ 15.00	$ 15.73
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)		14.36	16.08	14.55
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)		13.27	16.61	16.39
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)		0	0	17.02
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)		$ 15.37	$ 15.03	$ 15.00

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest and the Company owned a 10.3% interest in the NewINK JV. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million which resulted in Chatham recording a gain on sale of investment in unconsolidated real estate entities of $23.8 million during the year ended December 31, 2021. The Company accounted for this investment under the equity method.

On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar merged with Colony on January 10, 2017 to form a new company, CLNY, which owned a 90.0% interest in the Inland JV. Chatham sold its interest in the Inland JV in September 2021. The sale did not generate a gain or loss. The Company accounted for this investment under the equity method.

The following table sets forth the components of net loss, including the Company's share, related to the NewINK JV and the Inland JV for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	For the year ended
	December 31,
	2023		2022		2021
Revenue	$	—	$	—	$	24,690
Total hotel operating expenses	—		—		24,106

Hotel operating income	$	—	$	—	$	584


Net loss	$	—	$	—	$	(13,109)

Loss allocable to the Company	$	—	$	—	$	(1,347)
Basis difference adjustment	$	—	$	—	$	116
Total loss from unconsolidated real estate entities attributable to the Company	$	—	$	—	$	(1,231)

Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Land and improvements	$	289,671	$	289,589
Building and improvements	1,274,970		1,267,035
Furniture, fixtures and equipment	108,222		98,373
Renovations in progress	15,138		11,710
	1,688,001		1,666,707
Less: accumulated depreciation	(460,368)		(402,455)
Investment in hotel properties, net	$	1,227,633	$	1,264,252

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	$ 288,979
Initial Cost, Buildings & Improvements	1,087,063
Cost Cap. Sub. To Acq. Land	692
Cost Cap. Sub. To Acq. Bldg & Improvements	187,699
Gross Amount at End of Year, Land	289,671
Gross Amount at End of Year, Buildings & Improvements	1,274,762
Gross Amount at End of Year, Total	1,564,433	$ 1,556,453	$ 1,557,060	$ 1,488,830
Accumulated Depreciation	376,323	$ 328,832	$ 300,731	$ 257,344
Homewood Suites Orlando - Maitland, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,800
Initial Cost, Buildings & Improvements	7,200
Cost Cap. Sub. To Acq. Land	52
Cost Cap. Sub. To Acq. Bldg & Improvements	5,288
Gross Amount at End of Year, Land	1,852
Gross Amount at End of Year, Buildings & Improvements	12,488
Gross Amount at End of Year, Total	14,340
Accumulated Depreciation	5,907
Homewood Suites Boston - Billerica, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,481
Initial Cost, Land	1,470
Initial Cost, Buildings & Improvements	10,555
Cost Cap. Sub. To Acq. Land	48
Cost Cap. Sub. To Acq. Bldg & Improvements	4,231
Gross Amount at End of Year, Land	1,518
Gross Amount at End of Year, Buildings & Improvements	14,786
Gross Amount at End of Year, Total	16,304
Accumulated Depreciation	5,664
Homewood Suites Minneapolis - Mall of America, Bloomington, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,500
Initial Cost, Buildings & Improvements	13,960
Cost Cap. Sub. To Acq. Land	19
Cost Cap. Sub. To Acq. Bldg & Improvements	4,501
Gross Amount at End of Year, Land	3,519
Gross Amount at End of Year, Buildings & Improvements	18,461
Gross Amount at End of Year, Total	21,980
Accumulated Depreciation	7,438
Homewood Suites Nashville - Brentwood, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,525
Initial Cost, Buildings & Improvements	9,300
Cost Cap. Sub. To Acq. Land	12
Cost Cap. Sub. To Acq. Bldg & Improvements	4,209
Gross Amount at End of Year, Land	1,537
Gross Amount at End of Year, Buildings & Improvements	13,509
Gross Amount at End of Year, Total	15,046
Accumulated Depreciation	5,485
Homewood Suites Hartford - Farmington, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,325
Initial Cost, Buildings & Improvements	9,375
Cost Cap. Sub. To Acq. Land	92
Cost Cap. Sub. To Acq. Bldg & Improvements	4,149
Gross Amount at End of Year, Land	1,417
Gross Amount at End of Year, Buildings & Improvements	13,524
Gross Amount at End of Year, Total	14,941
Accumulated Depreciation	5,095
Hampton Inn & Suites Houston - Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,338
Initial Cost, Land	3,200
Initial Cost, Buildings & Improvements	12,709
Cost Cap. Sub. To Acq. Land	66
Cost Cap. Sub. To Acq. Bldg & Improvements	3,286
Gross Amount at End of Year, Land	3,266
Gross Amount at End of Year, Buildings & Improvements	15,995
Gross Amount at End of Year, Total	19,261
Accumulated Depreciation	5,564
Residence Inn Holtsville - Holtsville, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	18,765
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	3,106
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	21,871
Gross Amount at End of Year, Total	24,071
Accumulated Depreciation	7,351
Residence Inn White Plains - White Plains, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	17,677
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	12,723
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	30,400
Gross Amount at End of Year, Total	32,600
Accumulated Depreciation	11,249
Residence Inn New Rochelle - New Rochelle, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	20,281
Cost Cap. Sub. To Acq. Land	9
Cost Cap. Sub. To Acq. Bldg & Improvements	7,071
Gross Amount at End of Year, Land	9
Gross Amount at End of Year, Buildings & Improvements	27,352
Gross Amount at End of Year, Total	27,361
Accumulated Depreciation	9,772
Residence Inn Garden Grove - Garden Grove, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,496
Initial Cost, Land	7,109
Initial Cost, Buildings & Improvements	35,484
Cost Cap. Sub. To Acq. Land	57
Cost Cap. Sub. To Acq. Bldg & Improvements	5,733
Gross Amount at End of Year, Land	7,166
Gross Amount at End of Year, Buildings & Improvements	41,217
Gross Amount at End of Year, Total	48,383
Accumulated Depreciation	13,484
Homewood Suites San Antonio - San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,999
Initial Cost, Buildings & Improvements	24,764
Cost Cap. Sub. To Acq. Land	7
Cost Cap. Sub. To Acq. Bldg & Improvements	7,207
Gross Amount at End of Year, Land	6,006
Gross Amount at End of Year, Buildings & Improvements	31,971
Gross Amount at End of Year, Total	37,977
Accumulated Depreciation	11,118
Residence Inn Washington DC - Washington, DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,083
Initial Cost, Buildings & Improvements	22,063
Cost Cap. Sub. To Acq. Land	44
Cost Cap. Sub. To Acq. Bldg & Improvements	9,879
Gross Amount at End of Year, Land	6,127
Gross Amount at End of Year, Buildings & Improvements	31,942
Gross Amount at End of Year, Total	38,069
Accumulated Depreciation	11,050
Residence Inn Tyson's Corner - Vienna, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,752
Initial Cost, Buildings & Improvements	28,917
Cost Cap. Sub. To Acq. Land	6
Cost Cap. Sub. To Acq. Bldg & Improvements	3,055
Gross Amount at End of Year, Land	5,758
Gross Amount at End of Year, Buildings & Improvements	31,972
Gross Amount at End of Year, Total	37,730
Accumulated Depreciation	10,162
Hampton Inn Portland Downtown - Portland, ME
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,315
Initial Cost, Buildings & Improvements	22,664
Cost Cap. Sub. To Acq. Land	(1)
Cost Cap. Sub. To Acq. Bldg & Improvements	1,423
Gross Amount at End of Year, Land	4,314
Gross Amount at End of Year, Buildings & Improvements	24,087
Gross Amount at End of Year, Total	28,401
Accumulated Depreciation	6,563
Courtyard Houston - Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	5,600
Initial Cost, Buildings & Improvements	27,350
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	3,759
Gross Amount at End of Year, Land	5,600
Gross Amount at End of Year, Buildings & Improvements	31,109
Gross Amount at End of Year, Total	36,709
Accumulated Depreciation	8,715
Hyatt Place Pittsburgh - Pittsburgh, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,000
Initial Cost, Buildings & Improvements	35,576
Cost Cap. Sub. To Acq. Land	15
Cost Cap. Sub. To Acq. Bldg & Improvements	1,813
Gross Amount at End of Year, Land	3,015
Gross Amount at End of Year, Buildings & Improvements	37,389
Gross Amount at End of Year, Total	40,404
Accumulated Depreciation	10,070
Hampton Inn & Suites Exeter - Exeter, NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,900
Initial Cost, Buildings & Improvements	12,350
Cost Cap. Sub. To Acq. Land	4
Cost Cap. Sub. To Acq. Bldg & Improvements	1,161
Gross Amount at End of Year, Land	1,904
Gross Amount at End of Year, Buildings & Improvements	13,511
Gross Amount at End of Year, Total	15,415
Accumulated Depreciation	3,473
Hilton Garden Inn Denver Tech - Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,100
Initial Cost, Buildings & Improvements	23,100
Cost Cap. Sub. To Acq. Land	5
Cost Cap. Sub. To Acq. Bldg & Improvements	(3,309)
Gross Amount at End of Year, Land	4,105
Gross Amount at End of Year, Buildings & Improvements	19,791
Gross Amount at End of Year, Total	23,896
Accumulated Depreciation	6,422
Residence Inn Bellevue - Bellevue, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	13,800
Initial Cost, Buildings & Improvements	56,957
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	2,608
Gross Amount at End of Year, Land	13,800
Gross Amount at End of Year, Buildings & Improvements	59,565
Gross Amount at End of Year, Total	73,365
Accumulated Depreciation	15,773
SpringHill Suites Savannah - Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,832
Initial Cost, Land	2,400
Initial Cost, Buildings & Improvements	36,050
Cost Cap. Sub. To Acq. Land	1
Cost Cap. Sub. To Acq. Bldg & Improvements	1,854
Gross Amount at End of Year, Land	2,401
Gross Amount at End of Year, Buildings & Improvements	37,904
Gross Amount at End of Year, Total	40,305
Accumulated Depreciation	10,116
Residence Inn Silicon Valley I - Sunnyvale, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60,134
Initial Cost, Land	42,652
Initial Cost, Buildings & Improvements	45,846
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	6,292
Gross Amount at End of Year, Land	42,652
Gross Amount at End of Year, Buildings & Improvements	52,138
Gross Amount at End of Year, Total	94,790
Accumulated Depreciation	31,540
Residence Inn Silicon Valley II - Sunnyvale, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,609
Initial Cost, Land	46,474
Initial Cost, Buildings & Improvements	50,380
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	7,761
Gross Amount at End of Year, Land	46,474
Gross Amount at End of Year, Buildings & Improvements	58,141
Gross Amount at End of Year, Total	104,615
Accumulated Depreciation	34,629
Residence Inn San Mateo - San Mateo, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,100
Initial Cost, Land	38,420
Initial Cost, Buildings & Improvements	31,352
Cost Cap. Sub. To Acq. Land	50
Cost Cap. Sub. To Acq. Bldg & Improvements	5,606
Gross Amount at End of Year, Land	38,470
Gross Amount at End of Year, Buildings & Improvements	36,958
Gross Amount at End of Year, Total	75,428
Accumulated Depreciation	21,808
Residence Inn Mt. View - Mountain View, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,171
Initial Cost, Land	22,019
Initial Cost, Buildings & Improvements	31,813
Cost Cap. Sub. To Acq. Land	29
Cost Cap. Sub. To Acq. Bldg & Improvements	10,365
Gross Amount at End of Year, Land	22,048
Gross Amount at End of Year, Buildings & Improvements	42,178
Gross Amount at End of Year, Total	64,226
Accumulated Depreciation	25,093
Hyatt Place Cherry Creek - Cherry Creek, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,700
Initial Cost, Buildings & Improvements	26,300
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	2,787
Gross Amount at End of Year, Land	3,700
Gross Amount at End of Year, Buildings & Improvements	29,087
Gross Amount at End of Year, Total	32,787
Accumulated Depreciation	7,055
Courtyard Addison - Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,413
Initial Cost, Buildings & Improvements	21,554
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	2,816
Gross Amount at End of Year, Land	2,413
Gross Amount at End of Year, Buildings & Improvements	24,370
Gross Amount at End of Year, Total	26,783
Accumulated Depreciation	6,253
Residence Inn Gaslamp - San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	89,040
Cost Cap. Sub. To Acq. Land	10
Cost Cap. Sub. To Acq. Bldg & Improvements	2,163
Gross Amount at End of Year, Land	10
Gross Amount at End of Year, Buildings & Improvements	91,203
Gross Amount at End of Year, Total	91,213
Accumulated Depreciation	20,743
Hilton Garden Inn - Marina del Rey, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,023
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	43,210
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,164
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	44,374
Gross Amount at End of Year, Total	44,374
Accumulated Depreciation	9,420
Residence Inn - Dedham, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,230
Initial Cost, Buildings & Improvements	17,304
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	2,263
Gross Amount at End of Year, Land	4,230
Gross Amount at End of Year, Buildings & Improvements	19,567
Gross Amount at End of Year, Total	23,797
Accumulated Depreciation	4,407
Residence Inn - Ft. Lauderdale, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	9,200
Initial Cost, Buildings & Improvements	24,048
Cost Cap. Sub. To Acq. Land	14
Cost Cap. Sub. To Acq. Bldg & Improvements	2,750
Gross Amount at End of Year, Land	9,214
Gross Amount at End of Year, Buildings & Improvements	26,798
Gross Amount at End of Year, Total	36,012
Accumulated Depreciation	5,809
Home2 Suites - Woodland Hills, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,500
Initial Cost, Buildings & Improvements	0
Cost Cap. Sub. To Acq. Land	128
Cost Cap. Sub. To Acq. Bldg & Improvements	56,653
Gross Amount at End of Year, Land	6,628
Gross Amount at End of Year, Buildings & Improvements	56,653
Gross Amount at End of Year, Total	63,281
Accumulated Depreciation	8,493
Hilton Garden Inn - Portsmouth, NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,600
Initial Cost, Buildings & Improvements	37,630
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	838
Gross Amount at End of Year, Land	3,600
Gross Amount at End of Year, Buildings & Improvements	38,468
Gross Amount at End of Year, Total	42,068
Accumulated Depreciation	6,084
Courtyard Summerville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,000
Initial Cost, Land	2,500
Initial Cost, Buildings & Improvements	16,923
Cost Cap. Sub. To Acq. Land	7
Cost Cap. Sub. To Acq. Bldg & Improvements	1,040
Gross Amount at End of Year, Land	2,507
Gross Amount at End of Year, Buildings & Improvements	17,963
Gross Amount at End of Year, Total	20,470
Accumulated Depreciation	2,703
Embassy Suites Springfield, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	7,700
Initial Cost, Buildings & Improvements	58,807
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	541
Gross Amount at End of Year, Land	7,700
Gross Amount at End of Year, Buildings & Improvements	59,348
Gross Amount at End of Year, Total	67,048
Accumulated Depreciation	9,019
Residence Inn - Summerville, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,500
Initial Cost, Land	2,300
Initial Cost, Buildings & Improvements	17,060
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	292
Gross Amount at End of Year, Land	2,300
Gross Amount at End of Year, Buildings & Improvements	17,352
Gross Amount at End of Year, Total	19,652
Accumulated Depreciation	2,373
Courtyard Dallas Downtown - Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,500
Initial Cost, Land	2,900
Initial Cost, Buildings & Improvements	42,760
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	159
Gross Amount at End of Year, Land	2,900
Gross Amount at End of Year, Buildings & Improvements	42,919
Gross Amount at End of Year, Total	45,819
Accumulated Depreciation	5,451
Silicon Valley III - Sunnyvale, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	8,171
Initial Cost, Buildings & Improvements	0
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	0
Gross Amount at End of Year, Land	8,171
Gross Amount at End of Year, Buildings & Improvements	0
Gross Amount at End of Year, Total	8,171
Accumulated Depreciation	0
Residence Inn Austin Northwest/The Domain Area - Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,850
Initial Cost, Land	2,400
Initial Cost, Buildings & Improvements	33,346
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	223
Gross Amount at End of Year, Land	2,400
Gross Amount at End of Year, Buildings & Improvements	33,569
Gross Amount at End of Year, Total	35,969
Accumulated Depreciation	2,032
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,075
Initial Cost, Land	2,300
Initial Cost, Buildings & Improvements	29,347
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	78
Gross Amount at End of Year, Land	2,300
Gross Amount at End of Year, Buildings & Improvements	29,425
Gross Amount at End of Year, Total	31,725
Accumulated Depreciation	1,776
Hilton Garden Inn Destin - Miramar Beach, FL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,222
Initial Cost, Buildings & Improvements	25,246
Cost Cap. Sub. To Acq. Land	18
Cost Cap. Sub. To Acq. Bldg & Improvements	161
Gross Amount at End of Year, Land	4,240
Gross Amount at End of Year, Buildings & Improvements	25,407
Gross Amount at End of Year, Total	29,647
Accumulated Depreciation	$ 1,164

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the years ended December 31, 2023, 2022 and 2021 is as follows:


	December 31, 2023			December 31, 2022			December 31, 2021
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	6,666	$	11.47	10,000	$	11.47	1,667	$	17.40
Granted	2,457	12.21		—	—		10,000	11.47
Vested	(3,334)	11.47		(3,334)	11.47		(1,667)	17.40

Unvested at end of the period	5,789	$	11.78	6,666	$	11.47	10,000	$	11.47

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company's LTIP unit awards for the years ended December 31, 2023, 2022 and 2021 is as follows:


	December 31, 2023			December 31, 2022			December 31, 2021
	Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	905,525	$	15.03	764,178	$	15.00	669,609	$	15.73
Granted	466,988	14.36		380,004	16.08		330,945	14.55
Vested	(372,558)	13.27		(238,657)	16.61		(219,451)	16.39
Forfeited	—	—		—	—		(16,925)	17.02
Non-vested at end of period	999,955	$	15.37	905,525	$	15.03	764,178	$	15.00

Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk-Free Interest Rate
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards (1)	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%
2023 Time-Based LTIP Unit Awards	3/1/2023	171,171	$11.11	37%	—%	5.11%
2023 Performance-Based LTIP Unit Awards	3/1/2023	256,757	$16.64	69%	3.5%	4.61%

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	$ 328,832	$ 300,731	$ 257,344
Depreciation and amortization	47,491	46,558	43,387
Dispositions during the year	0	(18,457)	0
Balance at the end of the year	$ 376,323	$ 328,832	$ 300,731

Dividends Declared and Paid

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Dividends Declared and Paid

Common Dividends

The Company declared total common share dividends of $0.28 per share and distributions on LTIP units of $0.28 per unit during the year ended December 31, 2023. The Company declared total common share dividends of $0.07 per share and distributions on LTIP units of $0.07 per unit during the year ended December 31, 2022. The dividends and distributions and their tax characterization for the years ended December 31, 2023 and 2022 were as follows:



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends


March	3/31/2023	4/17/2023	0.07		0.07		0.07		—		0.07




June	6/30/2023	7/17/2023	0.07		0.07		0.07		—		0.07




September	9/29/2023	10/16/2023	0.07		0.07		0.07		—		0.07




December	12/29/2023	1/16/2024	0.07		0.07		0.07		—		0.07



Total 2023			$	0.28	$	0.28	$	0.28	$	—	$	0.28


	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends

















December	12/30/2022	1/17/2023	0.07		0.07		0.07		—		0.07


Total 2022			$	0.07	$	0.07	$	0.07	$	—	$	0.07

For the year ended December 31, 2023, 100.0% of the distributions paid to common shareholders were considered ordinary income. For the year ended December 31, 2022, 100.0% of the distributions paid to common shareholders were considered ordinary income.

Preferred Dividends

During the year ended December 31, 2023, the Company declared total dividends of $1.65624 per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred dividends and their tax characterization for the years ended December 31, 2023 and 2022 were as follows:


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
March	3/31/2023	4/17/2023	$	0.41406	$	0.41406	$	—	$	0.41406
June	6/30/2023	7/17/2023	0.41406		0.41406		—		0.41406
September	9/29/2023	10/16/2023	0.41406		0.41406		—		0.41406
December	12/29/2023	1/16/2024	0.41406		0.41406		—		0.41406
Total 2023			$	1.65624	$	1.65624	$	—	$	1.65624


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
March	3/31/2022	4/18/2022	$	0.41406	$	0.41406	$	—	$	0.41406
June	6/30/2022	7/15/2022	0.41406		0.41406		—		0.41406
September	9/30/2022	10/17/2022	0.41406		0.41406		—		0.41406
December	12/30/2022	1/17/2023	0.41406		0.41406		—		0.41406
Total 2022			$	1.65624	$	1.65624	$	—	$	1.65624

For the year ended December 31, 2023, 100.0% of the distributions paid to preferred shareholders were considered ordinary income. For the year ended December 31, 2022, 100.0% of the distributions paid to preferred shareholders were considered ordinary income.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt, revolving credit facility and construction loan. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt, the revolving credit facility, the construction loan, and the unsecured term loan, the fair value of which is separately disclosed in Note 7.
Investment in Hotel Properties	Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired as asset acquisitions based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair value is recorded and an impairment loss recognized. For the year ended December 31, 2023, the Company incurred an impairment loss on one hotel property (See Note 5). For the year ended December 31, 2022, there were no impairment losses. For the year ended December 31, 2021, the Company incurred an impairment loss on one hotel property (See Note 5). For properties the Company considers held for sale, depreciation and amortization are no longer recorded, and the value of the properties is recorded at the lower of depreciated cost or fair value, less the costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met.
Investment in Unconsolidated Real Estate Entities	Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.
Restricted Cash	Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract, escrows and reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans, and trapped cash held in cash management accounts for the benefit of the Company's lenders (see Note 7 for additional information relating to "cash trap" provisions).
Hotel Receivables	Hotel Receivables Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.
Deferred Costs	Deferred Costs Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements.
Mortgage Debt, net	Mortgage Debt, net Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans.
Revenue Recognition	Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided.
Share-Based Compensation	Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership.
Earnings Per Share	Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the Company is no longer subject to U.S federal income tax examinations for years before 2020 and with few exceptions to state examinations before 2020. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2023. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.
Segment Information	Segment Information Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of December 31, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures.

Leases - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 01, 2023 USD ($) ft²	Sep. 30, 2015	Dec. 31, 2023 USD ($) term parking_space	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Net rentable area \| ft²	7,374
Early termination payment	$ 100
Gain from partial lease termination			$ 164	$ 0	$ 0
Other Leases \| Residence Inn San Diego Gaslamp
Lessee, Lease, Description [Line Items]
Number of additional terms \| term			3
Periods in each additional renewal term			10 years
Operating leases, monthly payment			$ 44
Operating lease, periodic increase, (in percentage)			10.00%
Periodic increase in monthly payment			5 years
Annual supplemental rent, percentage of gross revenues			5.00%
Annual supplemental rent subtraction, base rent multiplier			12
Other Leases \| Hilton Garden Inn Marina del Rey
Lessee, Lease, Description [Line Items]
Operating leases, monthly payment			$ 47
Other Leases \| Hilton Garden Inn Marina del Rey \| Minimum
Lessee, Lease, Description [Line Items]
Annual supplemental rent, percentage of gross revenues			5.00%
Other Leases \| Hilton Garden Inn Marina del Rey \| Maximum
Lessee, Lease, Description [Line Items]
Annual supplemental rent, percentage of gross revenues			25.00%
Air Rights Lease And Garage Lease \| Residence Inn By Marriott New Rochelle NY
Lessee, Lease, Description [Line Items]
Number of parking spaces occupied by hotel \| parking_space			128
Aggregate rent under operating leases			$ 30
Office Lease
Lessee, Lease, Description [Line Items]
Periods in each additional renewal term			5 years
Term of contract		11 years
Abatement term of contract		12 months
Maximum additional terms up to which ground lease can be extended (up to) \| term			2
Fixed lease payments			$ 700
Hotel Ground Lease
Lessee, Lease, Description [Line Items]
Fixed lease payments			1,200
Variable lease payments			$ 800

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, will not have a material adverse impact on its financial condition or results of operations.

Management Agreements

The management agreements with IHM have an initial term of five years and automatically renew for two five-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term's expiration date of their intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation.

Management fees totaled approximately $10.6 million, $10.1 million and $7.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Incentive management fees paid to IHM for the years ended years ended December 31, 2023, 2022 and 2021 were $182 thousand, $224 thousand and $35 thousand, respectively.

As of December 31, 2023, certain key terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	$1,500	$1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	$1,200	$1,000	1.0	%
Courtyard Houston	IHM	3.0	%	$1,500	$1,000	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	$1,500	$1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	$1,500	$1,000	1.0	%
SpringHill Suites Savannah	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	$1,200	$1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Addison	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
TownePlace Suites Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
Home2 Suites Woodland Hills	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Destin Miramar Beach	IHM	3.0	%	$1,500	$1,000	1.0	%

Franchise Agreements

The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing/program fees totaled approximately $24.9 million, $23.7 million and $16.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The initial terms of the agreements range from 10 to 30 years with the weighted-average expiration being April 2035.

As of December 31, 2023, certain key terms of the Company's franchise agreements are:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025
Hampton Inn & Suites Houston-Medical Center	6.0	%	4.0	%	2035
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
SpringHill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	5.0	%	3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	5.5	%	4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	6.0	%	2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	6.0	%	2.0	%	2038
Residence Inn Austin Northwest/The Domain Area	5.5% to 6.0%		2.5	%	2036
TownePlace Suites Austin Northwest/The Domain Area	3.0% to 5.5%		2.0	%	2041
Home2 Suites Woodland Hills	3.0% to 5.0%		3.0	%	2040
Hilton Garden Inn Destin Miramar Beach	5.5	%	4.0	%	2042

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 09, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Gain (loss) on sale of hotel property		$ 18	$ 2,268	$ (21)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| HGI Denver Tech \| Subsequent Event
Subsequent Event [Line Items]
Gain (loss) on sale of hotel property	$ 18,000

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The Company's mortgage loans are collateralized by first-mortgage liens on certain of the Company's properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	December 31, 2023 Property Carrying Value		Balance Outstanding as of
						December 31, 2023		December 31, 2022
Revolving Credit Facility (1)	—		October 28, 2026	$	—	$	—	$	—
Unsecured Term Loan (2)	6.65	%	October 28, 2025	—		90,000		—
Construction Loan (3)	11.0	%	August 4, 2024	—		—		39,331
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	—		—		14,402
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	—		—		19,680
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	—		—		16,200
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	—		—		19,975
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	—		—		41,133
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	36,305		29,496		30,184
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	63,960		60,134		61,280
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	71,507		65,609		66,860
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	54,195		45,100		45,960
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	39,319		35,171		35,842
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	30,441		27,832		28,365
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	38,109		19,023		19,535
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,793		14,481		14,804
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	13,925		16,338		16,706
Courtyard by Marriott Dallas, TX (4)	7.61	%	September 11, 2028	40,431		24,500		—
Residence Inn by Marriott Austin, TX (5)	7.42	%	September 6, 2033	34,641		20,850		—
TownePlace Suites by Marriott Austin, TX (5)	7.42	%	September 6, 2033	31,303		19,075		—
Courtyard by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	18,846		9,000		—
Residence Inn by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	17,291		9,500		—
Total debt before unamortized debt issue costs				$	501,066	$	486,109	$	470,257
Unamortized term loan and mortgage debt issue costs						(2,032)		(373)
Total debt outstanding						$	484,077	$	469,884

1.The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%.

2.The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.

3.On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40 million loan to fund the remaining construction costs of the Home2 Woodland Hills hotel development. The loan had an initial term of four years and there were two six-month extension options. The interest rate on the loan was LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. The loan was repaid on February 1, 2023.

4.On August 30, 2023, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $24.5 million loan secured by the Courtyard by Marriott Dallas Downtown. The loan has a term of five years, carries a fixed interest rate of 7.61%, and is interest-only for the duration of the loan.

5.On August 16, 2023, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate to obtain a $20.9 million loan and a $19.1 million loan secured by the Residence Inn by Marriott Austin and the TownePlace Suites by Marriott Austin, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.42%, and is interest-only for the first five years before amortizing based upon a 30-year amortization schedule.

6.On August 31, 2023, two subsidiaries of Chatham entered into two agreements with Wells Fargo Bank to obtain a $9.0 million loan and a $9.5 million loan secured by the Courtyard by Marriott Summerville and the Residence Inn by

Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan.

On October 28, 2022, the Company entered into a $215.0 million unsecured revolving credit facility and a $90.0 million unsecured delayed-draw term loan facility that replaced the Company’s previous $250 million revolving credit facility that was scheduled to mature on March 8, 2023. The revolving credit facility has an initial maturity of October 28, 2026 and provides two six-month extension options. The unsecured delayed-draw term loan facility has an initial maturity of October 28, 2025 and provides two one-year extension options. On December 19, 2022, the Company executed an amendment to its unsecured revolving credit facility, increasing commitments by $45.0 million for a total borrowing capacity of $260.0 million. Combined with its $90.0 million unsecured delayed-draw term loan, the Company has $350.0 million of total commitments under the two facilities.

At December 31, 2023 and 2022, the Company had $90.0 million and $0, respectively, of outstanding borrowings under its revolving credit facility and unsecured term loan. At December 31, 2023, the maximum borrowing availability under the combined facilities was $260.0 million.

During the year ended December 31, 2023, the Company repaid the $39.3 million construction loan on the Home2 Woodland Hills hotel property and the maturing mortgage loans of $14.4 million on the Homewood Suites San Antonio hotel property, $19.7 million on the Residence Inn Tysons hotel property, $16.0 million on the Courtyard Houston hotel property, $19.7 million on the Hyatt Place Pittsburgh hotel property, and $40.5 million on the Residence Inn Bellevue hotel property. The Company utilized cash, borrowings under its unsecured delayed-draw term loan, and proceeds from its five new mortgage loans to repay these loans.

The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2023 and 2022 was $396.0 million and $412.7 million, respectively.

The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2023, the Company’s variable rate debt consisted of borrowings under its revolving credit facility and its unsecured term loan. The estimated fair value of the Company’s variable rate debt as of December 31, 2023 and 2022 was $90.0 million and $39.3 million, respectively.

The Company's mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of the lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of December 31, 2023, four of our mortgage debt lenders have enforced cash trap provisions resulting in $5.6 million of restricted cash. The Company does not expect that such cash traps will affect its ability to satisfy its short-term liquidity requirements.

Future scheduled principal payments of debt obligations as of December 31, 2023, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2024	$	297,210
2025	105,974
2026	—
2027	—
2028	24,590
Thereafter	58,335
Total debt before unamortized debt issue costs	$	486,109
Unamortized mortgage debt issue costs	(2,032)
Total debt outstanding	$	484,077

Accounting for Derivative Instruments

The Company had interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Home2 Woodland Hills hotel property. The Company recorded its derivative instruments on the balance sheet at their estimated fair values and categorized the fair value measurement of these assets as Level 2. Changes in the fair value of the derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. The Company's interest rate caps were not designated as a hedge but to eliminate the incremental cost to the Company if the one-month LIBOR were to exceed 3.5%. Accordingly, the interest rate caps were recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statements of operations. During the year ended December 31, 2023, the Company terminated its interest rate caps related to the construction loan when the loan was repaid.

Summary of Significant Accounting Policies - Deferred Costs and Mortgage Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Deferred Costs [Line Items]
Loan costs	$ 6,256	$ 8,559
Franchise fees	4,311	4,608
Other	102	0
Deferred costs, gross	10,669	13,167
Less accumulated amortization	(6,423)	(6,739)
Deferred costs, net	4,246	6,428
Amortization of deferred franchise fees	214	246	$ 248
Amortization of deferred financing fees included in interest expense	1,201	1,444	1,825
Franchise
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	200	200	200
Loans
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	700	1,200	1,500
Mortgages
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	$ 300	$ 300	$ 300

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Total Shareholders’ Equity	Total Shareholders’ Equity Preferred Shares	Total Shareholders’ Equity Common Shares	Preferred Shares	Preferred Shares Preferred Shares	Common Shares	Common Shares Common Shares	Additional Paid - In Capital	Additional Paid - In Capital Preferred Shares	Additional Paid - In Capital Common Shares	Accumulated Deficit	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2020							0		46,973,473
Beginning Balance at Dec. 31, 2020	$ 692,460			$ 677,752			$ 0		$ 470		$ 906,000			$ (228,718)	$ 14,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares pursuant to Equity Incentive Plan (in shares)									40,203
Issuance of common shares pursuant to Equity Incentive Plan	450			450							450
Issuance of shares, net of offering costs (in shares)								4,800,000		1,745,214
Issuance of shares, net of offering costs		$ 115,937	$ 23,790		$ 115,937	$ 23,790		$ 48		$ 17		$ 115,889	$ 23,773
Issuance of restricted time-based shares (in shares)									10,000
Issuance of restricted time-based shares	0
Amortization of share based compensation	4,336			43							43				4,293
Forfeited distributions on LTIP units	40														40
Dividends accrued on preferred shares	(3,975)			(3,975)										(3,975)
Reallocation of noncontrolling interest	0			1,915							1,915				(1,915)
Net (loss) income	(18,845)			(18,410)										(18,410)	(435)
Ending Balance (in shares) at Dec. 31, 2021							4,800,000		48,768,890
Ending Balance at Dec. 31, 2021	814,193			797,502			$ 48		$ 487		1,048,070			(251,103)	16,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares pursuant to Equity Incentive Plan (in shares)									34,672
Issuance of common shares pursuant to Equity Incentive Plan	487			487					$ 1		486
Issuance of shares, net of offering costs (in shares)									4,543
Issuance of shares, net of offering costs	(50)			(50)							(50)
Amortization of share based compensation	5,011			38							38				4,973
Dividends declared on common shares	(3,417)			(3,417)										(3,417)
Distributions declared on LTIP units	(148)														(148)
Dividends accrued on preferred shares	(7,950)			(7,950)										(7,950)
Reallocation of noncontrolling interest	0			(1,521)							(1,521)				1,521
Net (loss) income	9,871			9,805										9,805	66
Ending Balance (in shares) at Dec. 31, 2022							4,800,000		48,808,105
Ending Balance at Dec. 31, 2022	817,997			794,894			$ 48		$ 488		1,047,023			(252,665)	23,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares pursuant to Equity Incentive Plan (in shares)									43,378
Issuance of common shares pursuant to Equity Incentive Plan	540			540							540
Issuance of shares, net of offering costs (in shares)									5,896
Issuance of shares, net of offering costs	59			59							59
Issuance of restricted time-based shares (in shares)									2,457
Issuance of restricted time-based shares	0
Amortization of share based compensation	5,647			47							47				5,600
Dividends declared on common shares	(13,680)			(13,680)										(13,680)
Distributions declared on LTIP units	(725)														(725)
Dividends accrued on preferred shares	(7,950)			(7,950)										(7,950)
Reallocation of noncontrolling interest	0			(493)							(493)				493
Net (loss) income	2,488			2,644										2,644	(156)
Ending Balance (in shares) at Dec. 31, 2023							4,800,000		48,859,836
Ending Balance at Dec. 31, 2023	$ 804,376			$ 776,061			$ 48		$ 488		$ 1,047,176			$ (271,651)	$ 28,315

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 311,109	$ 294,851	$ 203,975
Expenses:
Total hotel operating expenses	175,386	160,758	119,293
Depreciation and amortization	58,254	59,350	54,215
Impairment loss	4,266	0	5,640
Property taxes, ground rent and insurance	23,507	21,210	23,826
General and administrative	17,517	17,339	15,752
Other charges	2,300	683	711
Reimbursable costs from related parties	1,283	1,326	1,731
Total operating expenses	282,513	260,666	221,168
Operating income (loss) before gain (loss) on sale of hotel property	28,596	34,185	(17,193)
Gain (loss) on sale of hotel property	18	2,268	(21)
Operating income (loss)	28,614	36,453	(17,214)
Interest and other income	1,534	10	243
Interest expense net of amounts capitalized, including amortization of deferred fees	(27,128)	(26,454)	(24,460)
Loss on early extinguishment of debt	(696)	(138)	0
Loss from unconsolidated real estate entities	0	0	(1,231)
Gain on sale of investment in unconsolidated real estate entities	0	0	23,817
Gain from partial lease termination	164	0	0
Income (loss) before income tax expense	2,488	9,871	(18,845)
Income tax expense	0	0	0
Net income (loss)	2,488	9,871	(18,845)
Net loss (income) attributable to non-controlling interest	156	(66)	435
Net income (loss) attributable to Chatham Lodging Trust	2,644	9,805	(18,410)
Preferred dividends	(7,950)	(7,950)	(3,975)
Net (loss) income attributable to common shareholders	$ (5,306)	$ 1,855	$ (22,385)
(Loss) income per common share - basic:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.11)	$ 0.04	$ (0.46)
(Loss) income per common share - diluted:
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.11)	$ 0.04	$ (0.46)
Weighted average number of common shares outstanding:
Basic (in shares)	48,847,386	48,795,642	48,349,027
Diluted (in shares)	48,847,386	49,058,722	48,349,027
Distributions per common share (in dollars per share)	$ 0.28	$ 0.07	$ 0
Room
Revenue:
Total revenue	$ 284,999	$ 272,265	$ 187,369
Expenses:
Total hotel operating expenses	61,794	56,073	40,396
Food and beverage
Revenue:
Total revenue	8,124	7,303	3,525
Expenses:
Total hotel operating expenses	6,352	5,520	2,404
Other
Revenue:
Total revenue	16,703	13,958	11,350
Reimbursable costs from related parties
Revenue:
Total revenue	1,283	1,325	1,731
Telephone
Expenses:
Total hotel operating expenses	1,439	1,449	1,502
Other hotel operating
Expenses:
Total hotel operating expenses	3,712	3,488	2,299
General and administrative
Expenses:
Total hotel operating expenses	28,884	26,085	20,424
Franchise and marketing fees
Expenses:
Total hotel operating expenses	24,897	23,674	16,560
Advertising and promotions
Expenses:
Total hotel operating expenses	6,085	5,397	3,721
Utilities
Expenses:
Total hotel operating expenses	13,007	12,048	10,255
Repairs and maintenance
Expenses:
Total hotel operating expenses	15,837	14,145	11,784
Management fees paid to related parties \| Related Party
Expenses:
Total hotel operating expenses	10,557	10,133	7,156
Insurance
Expenses:
Total hotel operating expenses	$ 2,822	$ 2,746	$ 2,792

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 297,210
2025	105,974
2026	0
2027	0
2028	24,590
Thereafter	58,335
Total debt before unamortized debt issue costs	486,109
Unamortized mortgage debt issue costs	(2,032)	$ (373)
Total debt outstanding	$ 484,077

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Investment in hotel properties, net	$ 1,227,633	$ 1,264,252
Cash and cash equivalents	68,130	26,274
Restricted cash	17,619	18,879
Right of use asset, net	18,141	19,297
Hotel receivables (net of allowance for doubtful accounts of $280 and $344, respectively)	4,375	5,178
Deferred costs, net	4,246	6,428
Prepaid expenses and other assets	3,786	3,430
Total assets	1,343,930	1,343,738
Liabilities and Equity:
Mortgage debt, net	394,544	430,553
Revolving credit facility	0	0
Construction loan	0	39,331
Unsecured term loan, net	89,533	0
Accounts payable and accrued expenses (including $399 and $361 due to related parties, respectively)	29,255	28,528
Lease liability, net	20,808	22,108
Distributions payable	5,414	5,221
Total liabilities	539,554	525,741
Commitments and contingencies (see note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at December 31, 2023 and 2022, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,859,836 and 48,808,105 shares issued and outstanding at December 31, 2023 and 2022, respectively	488	488
Additional paid-in capital	1,047,176	1,047,023
Accumulated deficit	(271,651)	(252,665)
Total shareholders’ equity	776,061	794,894
Noncontrolling Interests:
Noncontrolling interest in operating partnership	28,315	23,103
Total equity	804,376	817,997
Total liabilities and equity	$ 1,343,930	$ 1,343,738

Disposition of Hotel Properties	12 Months Ended
Disposition of Hotel Properties	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties On May 13, 2022, the Company sold a portfolio of three hotels, the Homewood Suites Dallas-Market Center ("HWS Dallas") hotel property in Dallas, TX, the Courtyard Houston West University ("CY Houston West U") hotel property in Houston, TX, and the Residence Inn Houston West University ("RI Houston West U") hotel property in Houston, TX, for $57.0 million, and recognized a gain on sale of the hotel properties of $1.8 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. On May 6, 2022, the Company sold the Hilton Garden Inn Boston-Burlington ("HGI Burlington") hotel property in Burlington, MA for $23.2 million and recognized a gain on sale of the hotel property of $0.5 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. The sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations.

Equity Incentive Plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units, and other equity-based awards. The plan was amended on May 24, 2022 to increase the maximum number of shares available under the plan by 1,600,000 shares and extend the term of the plan to March 22, 2032. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes share grants that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares and outperformance based units, for which dividends on unvested performance-based shares and units are accrued and not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2023, there were 1,252,326 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance.

A summary of the Company’s restricted share awards for the years ended December 31, 2023, 2022 and 2021 is as follows:


	December 31, 2023			December 31, 2022			December 31, 2021
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	6,666	$	11.47	10,000	$	11.47	1,667	$	17.40
Granted	2,457	12.21		—	—		10,000	11.47
Vested	(3,334)	11.47		(3,334)	11.47		(1,667)	17.40

Unvested at end of the period	5,789	$	11.78	6,666	$	11.47	10,000	$	11.47

As of December 31, 2023 and 2022, there were $45 thousand and $61 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2023, these costs were expected to be recognized over a weighted–average period of approximately 1.4 years. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $47 thousand, $38 thousand and $44 thousand, respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations.

Long-Term Incentive Plan Awards

LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis.

A summary of the Company's LTIP unit awards for the years ended December 31, 2023, 2022 and 2021 is as follows:


	December 31, 2023			December 31, 2022			December 31, 2021
	Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value		Number of Units	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	905,525	$	15.03	764,178	$	15.00	669,609	$	15.73
Granted	466,988	14.36		380,004	16.08		330,945	14.55
Vested	(372,558)	13.27		(238,657)	16.61		(219,451)	16.39
Forfeited	—	—		—	—		(16,925)	17.02
Non-vested at end of period	999,955	$	15.37	905,525	$	15.03	764,178	$	15.00

Time-Based LTIP Awards

On March 1, 2023, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 171,171 time-based awards (the “2023 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement").

Time-Based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company). Prior to vesting, a holder is entitled to receive distributions on the LTIP units that comprise the 2023 Time-Based LTIP Unit Awards and the prior year LTIP unit awards set forth in the table above.

Performance-Based LTIP Awards

On March 1, 2023, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 256,757 performance-based awards (the "2023 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP units that will vest only if and to the extent that (i) the Company achieves certain long-term market based TSR criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $16.64 per 2023 Performance-Based LTIP Unit Award, which takes into account that the number of units that ultimately may vest will depend on the achievement of long-term market-based TSR criteria. The 2023 Performance-Based LTIP Unit Awards have an absolute negative TSR modifier which may reduce payout percentages if the absolute TSR over the measurement period is negative.

The 2023 Performance-Based LTIP Unit Awards may be earned based on the Company's relative TSR performance for the three-year period beginning on March 1, 2023 and ending on February 28, 2026. The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	55th	100%
Maximum	80th	200%

Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation.

The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo Approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions.

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk-Free Interest Rate
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%
2020 Time-Based LTIP Unit Awards	3/1/2020	130,206	$13.05	20%	—%	1.06%
2020 Performance-Based LTIP Unit Awards (1)	3/1/2020	195,301	$13.66	20%	8.1%	0.90%
2021 Time-Based LTIP Unit Awards	3/1/2021	132,381	$12.52	78%	—%	0.08%
2021 Performance-Based LTIP Unit Awards	3/1/2021	198,564	$15.91	64%	3.4%	0.30%
2022 Time-Based LTIP Unit Awards	3/1/2022	152,004	$12.33	80%	—%	1.01%
2022 Performance-Based LTIP Unit Awards	3/1/2022	228,000	$18.58	66%	3.5%	1.44%
2023 Time-Based LTIP Unit Awards	3/1/2023	171,171	$11.11	37%	—%	5.11%
2023 Performance-Based LTIP Unit Awards	3/1/2023	256,757	$16.64	69%	3.5%	4.61%

(1) In February 2023, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 234,361 LTIP units vested.

The Company recorded $5.6 million, $5.0 million and $4.3 million in compensation expense related to the LTIP units for years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, there was $7.1 million and $6.5 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.8 years, which represents the weighted average remaining vesting period of the LTIP units.

Board of Trustee Share Compensation

For 2023, 2022 and 2021, each independent trustee was compensated $120 thousand for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 58% in the form of shares. In January 2023, 2022 and 2021, the Company issued 43,378, 34,672 and 40,203 common shares, respectively, to its independent trustees as compensation for services performed in 2022, 2021 and 2020, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days preceding the reporting date. On January 16, 2024, the Company distributed 43,670 common shares to its independent trustees for services performed in 2023.

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares							1 Months Ended	12 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Mar. 01, 2018	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	171,171	152,004	132,381	130,206	88,746	97,968
Estimate Value Per Unit (in dollars per share)	$ 11.11	$ 12.33	$ 12.52	$ 13.05	$ 18.45	$ 16.83
Volatility	37.00%	80.00%	78.00%	20.00%	21.00%	26.00%
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Risk-Free Interest Rate	5.11%	1.01%	0.08%	1.06%	2.57%	2.07%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	256,757	228,000	198,564	195,301	133,107	146,949
Estimate Value Per Unit (in dollars per share)	$ 16.64	$ 18.58	$ 15.91	$ 13.66	$ 18.91	$ 17.02
Volatility	69.00%	66.00%	64.00%	20.00%	21.00%	26.00%
Dividend Yield	3.50%	3.50%	3.40%	8.10%	6.20%	6.20%
Risk-Free Interest Rate	4.61%	1.44%	0.30%	0.90%	2.55%	2.37%
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)								466,988	380,004	330,945
Estimate Value Per Unit (in dollars per share)								$ 15.37	$ 15.03	$ 15.00	$ 15.73
Vested (in shares)							234,361	372,558	238,657	219,451

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34693
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1200777
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 448,633,673
Entity Common Stock, Shares Outstanding (in shares)		48,904,295
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for its 2024 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2024) are incorporated by reference into this Annual Report on Form 10-K in response to Part III hereof.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001476045
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value per share
Trading Symbol	CLDT
Security Exchange Name	NYSE
Series A Preferred Shares
Document Information [Line Items]
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Shares
Trading Symbol	CLDT-PA
Security Exchange Name	NYSE

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands								1 Months Ended			12 Months Ended
	Jan. 16, 2024 shares	Mar. 01, 2023 $ / shares shares	Mar. 01, 2022 shares	Mar. 01, 2021 shares	Mar. 01, 2020 shares	Mar. 01, 2019 shares	Mar. 01, 2018 shares	Jan. 31, 2023 shares	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	May 24, 2022 shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees \| $											$ 120	$ 120	$ 120
Common shares issued as compensation for services performed (in shares)								43,378	34,672	40,203
Independent Trustees \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued as compensation for services performed (in shares)	43,670
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)											58.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)											100.00%
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)														1,600,000
Common shares available for issuance (in shares)											1,252,326
Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity											3 years
Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity											5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $											$ 45	61
Weighted - average period for recognition of unrecognized compensation costs											1 year 4 months 24 days
Compensation expense recognized \| $											$ 47	$ 38	$ 44
Shares granted (in shares)											2,457	0	10,000
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted - average period for recognition of unrecognized compensation costs											1 year 9 months 18 days
Compensation expense recognized \| $											$ 5,600	$ 5,000	$ 4,300
Exchange ratio											1
Shares granted (in shares)											466,988	380,004	330,945
Total unrecognized compensation cost related to LTIP Units \| $											$ 7,100	$ 6,500
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		171,171	152,004	132,381	130,206	88,746	97,968
Time-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		171,171
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		256,757	228,000	198,564	195,301	133,107	146,949
Performance-Based LTIP Unit Awards \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		256,757
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares		$ 16.64
Performance-Based LTIP Unit Awards \| Minimum \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out											50.00%
Performance-Based LTIP Unit Awards \| Maximum \| Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out											200.00%
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days preceding the reporting date for which average of closing price of common shares is taken											10 days

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 1,875
2025	1,940
2026	1,728
2027	1,272
2028	1,272
Thereafter	62,282
Total lease payments	70,369
Less: Imputed interest	(49,561)
Present value of lease liabilities	$ 20,808	$ 22,108

Summary of Significant Accounting Policies - Schedule of Unsecured Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Unsecured term loan	$ 90,000	$ 0
Deferred financing costs	(467)	0
Unsecured term loan, net	$ 89,533	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the beginning of the year	$ 1,556,453	$ 1,557,060	$ 1,488,830
Acquisitions	0	29,468	67,393
Dispositions during the year	0	(95,385)	0
Capital expenditures and transfers from construction-in-progress	7,980	65,310	837
Investment in Real Estate	$ 1,564,433	$ 1,556,453	$ 1,557,060

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Income from Joint Venture


	For the year ended
	December 31,
	2023		2022		2021
Revenue	$	—	$	—	$	24,690
Total hotel operating expenses	—		—		24,106

Hotel operating income	$	—	$	—	$	584


Net loss	$	—	$	—	$	(13,109)

Loss allocable to the Company	$	—	$	—	$	(1,347)
Basis difference adjustment	$	—	$	—	$	116
Total loss from unconsolidated real estate entities attributable to the Company	$	—	$	—	$	(1,231)

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) - hotel	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Number of hotel properties held for sale	0	0
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	20 years
Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 08, 2022	Aug. 03, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Property acquisition costs capitalized			$ 48	$ 100
Hilton Garden Inn Destin Miramar Beach
Business Acquisition [Line Items]
Consideration transferred	$ 31,000
Residence Inn Austin Northwest/The Domain Area ("RI Austin")
Business Acquisition [Line Items]
Consideration transferred		$ 37,000
TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin")
Business Acquisition [Line Items]
Consideration transferred		$ 34,300

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2023		2022		2021
Numerator:
Net (loss) income attributable to common shareholders	$	(5,306)	$	1,855	$	(22,385)
Dividends paid on unvested shares and units	(110)		(25)		—

Net (loss) income attributable to common shareholders	$	(5,416)	$	1,830	$	(22,385)
Denominator:
Weighted average number of common shares - basic	48,847,386		48,795,642		48,349,027
Effect of dilutive securities:
Unvested shares and units	—		263,080		—
Weighted average number of common shares - diluted	48,847,386		49,058,722		48,349,027
Basic (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.11)	$	0.04	$	(0.46)
Diluted (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.11)	$	0.04	$	(0.46)

Investment in Hotel Properties - Schedule of Investments in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Land and improvements	$ 289,671	$ 289,589
Building and improvements	1,274,970	1,267,035
Furniture, fixtures and equipment	108,222	98,373
Renovations in progress	15,138	11,710
Investment in hotel properties, at cost	1,688,001	1,666,707
Less: accumulated depreciation	(460,368)	(402,455)
Investment in hotel properties, net	$ 1,227,633	$ 1,264,252

Dividends Declared and Paid - Dividend Information (Details) - $ / shares									12 Months Ended
	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Distributions per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07				$ 0.28	$ 0.07	$ 0
Preferred stock, dividends per share, declared (in dollars per share)	0.41406	0.41406	0.41406	0.41406	0.41406	$ 0.41406	$ 0.41406	$ 0.41406	1.65624	1.65624
Common Shares
Class of Stock [Line Items]
LTIP unit distribution amount (in dollars per share)	0.07	0.07	0.07	0.07	0.07				0.28	0.07
Taxable Ordinary Income (in dollars per share)	0.07	0.07	0.07	0.07	0.07				0.28	0.07
Return of Capital (in dollars per share)	0	0	0	0	0				0	0
Section 199A Dividends (in dollars per share)	0.07	0.07	0.07	0.07	0.07				0.28	0.07
Preferred Shares
Class of Stock [Line Items]
Taxable Ordinary Income (in dollars per share)	0.41406	0.41406	0.41406	0.41406	0.41406	0.41406	0.41406	0.41406	1.65624	1.65624
Return of Capital (in dollars per share)	0	0	0	0	0	0	0	0	0	0
Section 199A Dividends (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 1.65624	$ 1.65624

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company recorded no income tax expense during the years ended December 31, 2023, 2022, and 2021.

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (dollars in thousands):


	For the year ended
	December 31,
	2023			2022			2021
Book loss before income taxes of the TRS	$	(7,309)		$	(12,935)		$	(24,391)

Statutory rate of 21%	$	(1,535)		$	(2,716)		$	(5,122)
Effect of state and local income taxes, net of federal tax benefit	(245)			(450)			(1,049)


Permanent adjustments	13			10			8
Change in valuation allowance	1,579			2,971			5,977
Valuation allowance release	—			—			—
Other	188			185			186
Total income tax (benefit) expense	$	—		$	—		$	—

Effective tax rate	—		%	—		%	—		%

At December 31, 2023 and 2022, the Company had valuation allowances against certain deferred tax assets totaling $19.7 million and $17.7 million, respectively. The increase in valuation allowance was primarily from the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2023 and 2022 are as follows (in thousands):


	For the year ended
	December 31,
	2023		2022
Gross deferred tax assets:
Allowance for doubtful accounts	$	71	$	88
Accrued compensation	179		429
Net operating loss	19,495		17,218

Gross deferred tax assets	$	19,745	$	17,735
Less: Valuation Allowance	$	(19,745)	$	(17,735)
Total deferred tax assets net of valuation allowance	$	—	$	—
Gross deferred tax liabilities:
Total book/tax difference in partnership	$	—	$	—
Gross deferred tax liabilities:	$	—	$	—
Net, deferred tax assets:	$	—	$	—

As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of net deferred tax assets. The Company's TRS is expecting continued taxable losses in 2023. As of December 31, 2023, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets. Management will continue to monitor the need for a valuation allowance.

The TRS has income tax NOL carryforwards for Federal and various states of approximately $77.3 million and $60.5 million, respectively. The loss carryforwards begin to expire starting in 2038 for Federal tax purposes and in 2031 and thereafter for state tax purposes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Components of Mortgage Debt

Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	December 31, 2023 Property Carrying Value		Balance Outstanding as of
						December 31, 2023		December 31, 2022
Revolving Credit Facility (1)	—		October 28, 2026	$	—	$	—	$	—
Unsecured Term Loan (2)	6.65	%	October 28, 2025	—		90,000		—
Construction Loan (3)	11.0	%	August 4, 2024	—		—		39,331
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	—		—		14,402
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	—		—		19,680
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	—		—		16,200
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	—		—		19,975
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	—		—		41,133
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	36,305		29,496		30,184
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	63,960		60,134		61,280
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	71,507		65,609		66,860
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	54,195		45,100		45,960
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	39,319		35,171		35,842
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	30,441		27,832		28,365
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	38,109		19,023		19,535
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	10,793		14,481		14,804
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	13,925		16,338		16,706
Courtyard by Marriott Dallas, TX (4)	7.61	%	September 11, 2028	40,431		24,500		—
Residence Inn by Marriott Austin, TX (5)	7.42	%	September 6, 2033	34,641		20,850		—
TownePlace Suites by Marriott Austin, TX (5)	7.42	%	September 6, 2033	31,303		19,075		—
Courtyard by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	18,846		9,000		—
Residence Inn by Marriott Summerville, SC (6)	7.33	%	September 11, 2033	17,291		9,500		—
Total debt before unamortized debt issue costs				$	501,066	$	486,109	$	470,257
Unamortized term loan and mortgage debt issue costs						(2,032)		(373)
Total debt outstanding						$	484,077	$	469,884

2.The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.

Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan.

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of December 31, 2023, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2024	$	297,210
2025	105,974
2026	—
2027	—
2028	24,590
Thereafter	58,335
Total debt before unamortized debt issue costs	$	486,109
Unamortized mortgage debt issue costs	(2,032)
Total debt outstanding	$	484,077

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Valuation allowance	$ 19,745	$ 17,735
TRS
Income Taxes [Line Items]
Percentage of voting interests of gross deferred tax asset	100.00%
NOL carryforwards, federal	$ 77,300
NOL carryforwards, state and local	$ 60,500

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of properties for federal income tax purposes	$ 1,564,641,000

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net

Investment in hotel properties, net as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Land and improvements	$	289,671	$	289,589
Building and improvements	1,274,970		1,267,035
Furniture, fixtures and equipment	108,222		98,373
Renovations in progress	15,138		11,710
	1,688,001		1,666,707
Less: accumulated depreciation	(460,368)		(402,455)
Investment in hotel properties, net	$	1,227,633	$	1,264,252

During the year ended December 31, 2023, the Company recorded an impairment loss of $4.3 million on the HGI Denver Tech hotel property to write down the hotel property to estimated fair value which approximated its estimated selling price. There were no impairments recorded during the year ended December 31, 2022. During the year ended December 31, 2021, the Company recorded an impairment loss of $5.6 million on the HGI Burlington hotel property to write down the hotel property to estimated fair value which approximated its estimated selling price. The HGI Burlington hotel property was sold on May 6, 2022.

Investment in hotel properties under development

On January 24, 2022, the Company opened the newly developed Home2 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills"). We incurred $70.9 million of costs to develop the hotel, which includes $6.6 million of land acquisition costs and $64.3 million of other development costs.

During the year ended December 31, 2023, the Company wrote-off $2.2 million of previous expenditures related to the development of a hotel in California that the Company decided to no longer pursue. The write-off expense is included in other charges in the consolidated statement of operations.

Commitments and Contingencies - Terms of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn White Plains
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
SpringHill Suites Savannah
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Addison
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Dedham
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Il Lugano
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Dallas
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
TownePlace Suites Austin Northwest/The Domain Area
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Home2 Suites Woodland Hills
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Destin Miramar Beach
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 9, 2024, the Company sold the Hilton Garden Inn Denver Tech hotel property in Denver, CO for approximately $18.0 million.

Dividends Declared and Paid - Additional Information (Details) - $ / shares										12 Months Ended
	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common share dividends declared (in dollars per shares)										$ 0.28	$ 0.07
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)										$ 0.28	$ 0.07
Percentage of distribution considered capital gain										100.00%	100.00%
Percentage of distribution considered taxable income											100.00%
Preferred Shares
Class of Stock [Line Items]
Ordinary Income (in dollars per share)	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406	$ 0.41406		$ 1.65624	$ 1.65624
Series A Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividend rate, percentage									6.625%	6.625%

- Definition

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

+ References

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Management Agreement Terms

As of December 31, 2023, certain key terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	$1,200	$1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	$1,500	$1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	$1,200	$1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	$1,200	$1,000	1.0	%
Courtyard Houston	IHM	3.0	%	$1,500	$1,000	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	$1,500	$1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	$1,200	$1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	$1,500	$1,000	1.0	%
SpringHill Suites Savannah	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	$1,200	$1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Addison	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	$1,200	$1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	$1,500	$1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	$1,500	$1,000	1.0	%
Residence Inn Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
TownePlace Suites Austin Northwest/The Domain Area	IHM	3.0	%	$1,500	$1,000	1.0	%
Home2 Suites Woodland Hills	IHM	3.0	%	$1,500	$1,000	1.0	%
Hilton Garden Inn Destin Miramar Beach	IHM	3.0	%	$1,500	$1,000	1.0	%

Schedule of Franchise Agreement Terms

erms of the Company's franchise agreements are:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025
Hampton Inn & Suites Houston-Medical Center	6.0	%	4.0	%	2035
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
SpringHill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	5.0	%	3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	5.5	%	4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	6.0	%	2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	6.0	%	2.0	%	2038
Residence Inn Austin Northwest/The Domain Area	5.5% to 6.0%		2.5	%	2036
TownePlace Suites Austin Northwest/The Domain Area	3.0% to 5.5%		2.0	%	2041
Home2 Suites Woodland Hills	3.0% to 5.0%		3.0	%	2040
Hilton Garden Inn Destin Miramar Beach	5.5	%	4.0	%	2042

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of deferred financing fees included in interest expense	$ 1,201,000	$ 1,444,000	$ 1,825,000
Percentage of REIT taxable income distributed to its shareholders (at least)	90.00%
Tax holiday period for REIT taxable income	4 years
Class A Performance LTIP Units
Debt Instrument [Line Items]
Distribution entitlement (in percentage)	10.00%
Unsecured Term Loan
Debt Instrument [Line Items]
Amortization of deferred financing fees included in interest expense	$ 200,000	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization - Additional Information (Details)	12 Months Ended
Organization - Additional Information (Details)	Dec. 31, 2023 hotel room state	Sep. 22, 2021 hotel room	Mar. 17, 2021 hotel room	Nov. 17, 2014	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| room	5,915
Number of states in which hotels are owned \| state	16
Related Party \| Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party \| hotel	39
Ownership percentage in related party owned by the company's chairman	100.00%		52.50%
Related Party \| Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party \| hotel		48	46
Aggregate number of rooms in hotels \| room		6,402	5,948
Indirect ownership in the leased, hotels				10.00%
Related Party \| NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased, hotels					10.30%
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned (as a percentage)	100.00%

Related Party Transactions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 17, 2021
Related Party Transaction [Line Items]
Management fees recorded within hotel other operating expenses	$ 10,600	$ 10,100	$ 7,200
Related Party
Related Party Transaction [Line Items]
Other liabilities	$ 399	361
Island Hospitality Management Inc. \| Related Party
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	100.00%			52.50%
Additional ownership interest acquired	47.50%
Number of hotels managed by related party \| hotel	39
Other liabilities	$ 400	400
Management fees recorded within hotel other operating expenses	182	224	35
Island Hospitality Management Inc. \| Management Fees \| Related Party
Related Party Transaction [Line Items]
Management and accounting fees paid by the company	$ 10,600	$ 10,100	$ 7,200

Equity Incentive Plan - Schedule of Payout Awards (Details)	Mar. 01, 2023
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	25.00%
Target	55.00%
Maximum	80.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	50.00%
Target	100.00%
Maximum	200.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition of Hotel Properties	12 Months Ended
Acquisition of Hotel Properties	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties On March 8, 2022, the Company acquired the Hilton Garden Inn Destin Miramar Beach ("HGI Destin") hotel property in Miramar Beach, FL for $31.0 million. On August 3, 2021, the Company acquired both the Residence Inn Austin Northwest/The Domain Area ("RI Austin") hotel property in Austin, TX for $37.0 million and the TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") hotel property in Austin, TX for $34.3 million. The Company allocated the purchase price of each hotel property acquired based on the estimated fair values of the assets on the date of acquisition. The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $48 thousand and $0.1 million were capitalized in 2022 and 2021, respectively.

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the years ended December 31, 2023, 2022 and 2021, the Company excluded 157,641, zero and 209,175, respectively, of unvested shares and units as their effect would have been anti-dilutive.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2023		2022		2021
Numerator:
Net (loss) income attributable to common shareholders	$	(5,306)	$	1,855	$	(22,385)
Dividends paid on unvested shares and units	(110)		(25)		—

Net (loss) income attributable to common shareholders	$	(5,416)	$	1,830	$	(22,385)
Denominator:
Weighted average number of common shares - basic	48,847,386		48,795,642		48,349,027
Effect of dilutive securities:
Unvested shares and units	—		263,080		—
Weighted average number of common shares - diluted	48,847,386		49,058,722		48,349,027
Basic (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.11)	$	0.04	$	(0.46)
Diluted (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.11)	$	0.04	$	(0.46)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Residence Inn San Diego Gaslamp hotel property is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently $44 thousand per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year.

The Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Aggregate rent for 2023 under these leases amounted to $30 thousand per quarter.

The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently $47 thousand per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income.

The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. On June 1, 2023, the Company executed an amendment to the corporate office lease to vacate and surrender possession of 7,374 rentable square feet in exchange for an early termination payment of $0.1 million. The partial termination of this lease required the Company to apply ASC 842 and remeasure the right of use asset and lease liability and recognize those adjustments in the consolidated statement of operations. During the year ended December 31, 2023, the Company recognized a gain from partial lease termination of approximately $0.2 million as a result of this partial termination. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties.

The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of December 31, 2023. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised.

In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. Lease obligations are based on contractually-required cash payments while lease expense is recognized on a straight-line basis.


Total Future Lease Payments	Amount
2024	$	1,875
2025	1,940
2026	1,728
2027	1,272
2028	1,272
Thereafter	62,282
Total lease payments	$	70,369
Less: Imputed interest	(49,561)
Present value of lease liabilities	$	20,808

For the year ended December 31, 2023, the Company made $1.2 million of fixed lease payments and $0.8 million of variable lease payments related to hotel ground leases, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the year ended December 31, 2023, the Company made $0.7 million of fixed lease payments related to its corporate office lease, which are included in general and administrative expense in our consolidated statement of operations.

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2023:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2023	$	19,297	$	22,108
Amortization	(625)		(605)
Partial lease termination	(531)		(695)
Balance as of December 31, 2023	$	18,141	$	20,808


Lease Term and Discount Rate			December 31, 2023

Weighted-average remaining lease term (years)			42.08
Weighted-average discount rate			6.89%

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) renewal_period	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 10,600	$ 10,100	$ 7,200
Franchise and marketing fees	$ 24,900	23,700	16,600
Minimum
Other Commitments [Line Items]
Franchise term	10 years
Maximum
Other Commitments [Line Items]
Franchise term	30 years
Related Party \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Management fees recorded within hotel other operating expenses	$ 182	$ 224	$ 35
Hotel Management Agreement \| Related Party \| Island Hospitality Management Inc.
Other Commitments [Line Items]
Initial terms of management agreements	5 years
Number of renewal periods \| renewal_period	2
Renewal periods of management agreements	5 years
Agreement renewal successive period termination notice (no later than)	90 days
Minimum notice period for termination of management agreement	6 months
Property management fee (in percentage)	10.00%
Incentive Management Fee Cap	1.00%

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details)	Dec. 31, 2023
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years
Minimum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	5 years
Maximum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column B
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column C
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column D
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column E
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column F
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column G
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column H
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column I
-Publisher SEC

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Footnote 2
-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column G))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479438/970-360-S99-1

+ Details

Summary of Significant Accounting Policies - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Mortgage debt	$ 396,109	$ 430,926
Deferred financing costs	(1,565)	(373)
Mortgage debt, net	$ 394,544	$ 430,553

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2023, the Company owned 39 hotels with an aggregate of 5,915 (unaudited) rooms located in 16 states and the District of Columbia (unaudited). Prior to September 23, 2021, the Company held a 10.0% noncontrolling interest in a joint venture (the "Inland JV") with affiliates of Colony Capital, Inc. ("CLNY"), which owned 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. Chatham sold its interest in the Inland JV in September 2021. Prior to March 18, 2021, the Company also held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of CLNY, which owned 46 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 5,948 (unaudited) rooms. Chatham sold its interest in the NewINK JV in March 2021. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel revenue. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with a third-party management company that provides day-to-day management for the hotels. As of December 31, 2023, Island Hospitality Management, LLC (“IHM”), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all of the Company’s hotels.

Debt - Components of Mortgage Debt (Details)							12 Months Ended
Debt - Components of Mortgage Debt (Details)	Aug. 31, 2023 USD ($) subsidiary agreement	Aug. 30, 2023 USD ($)	Aug. 16, 2023 USD ($) subsidiary agreement	Oct. 28, 2022 extension_option	Oct. 26, 2021 extension_option	Aug. 04, 2020 USD ($) extension_option	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value							$ 501,066,000
Total debt before unamortized debt issue costs							486,109,000	$ 470,257,000
Unamortized term loan and mortgage debt issue costs							(2,032,000)	(373,000)
Total debt outstanding							$ 484,077,000	469,884,000
Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Debt instrument, face amount						$ 40,000,000
Debt instrument, term						4 years
Number of extension options \| extension_option						2
Period of extension options						6 months
Base Rate \| Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate						0.25%
LIBOR \| Construction loan \| Mack Real Estate Credit Strategies
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate						7.50%
Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate							0.00%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	0
Number of extension options \| extension_option					2
Revolving Credit Facility \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Period of extension options				6 months
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							1.50%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							2.25%
Unsecured Term Loan
Participating Mortgage Loans [Line Items]
Interest Rate							6.65%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 90,000,000	0
Construction loan
Participating Mortgage Loans [Line Items]
Interest Rate							11.00%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	39,331,000
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate							4.59%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	14,402,000
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate							4.49%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	19,680,000
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate							4.19%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	16,200,000
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate							4.65%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	19,975,000
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate							4.97%
Property Carrying Value							$ 0
Total debt before unamortized debt issue costs							$ 0	41,133,000
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.79%
Property Carrying Value							$ 36,305,000
Total debt before unamortized debt issue costs							$ 29,496,000	30,184,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.64%
Property Carrying Value							$ 63,960,000
Total debt before unamortized debt issue costs							$ 60,134,000	61,280,000
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.64%
Property Carrying Value							$ 71,507,000
Total debt before unamortized debt issue costs							$ 65,609,000	66,860,000
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.64%
Property Carrying Value							$ 54,195,000
Total debt before unamortized debt issue costs							$ 45,100,000	45,960,000
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.64%
Property Carrying Value							$ 39,319,000
Total debt before unamortized debt issue costs							$ 35,171,000	35,842,000
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate							4.62%
Property Carrying Value							$ 30,441,000
Total debt before unamortized debt issue costs							$ 27,832,000	28,365,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate							4.68%
Property Carrying Value							$ 38,109,000
Total debt before unamortized debt issue costs							$ 19,023,000	19,535,000
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate							4.32%
Property Carrying Value							$ 10,793,000
Total debt before unamortized debt issue costs							$ 14,481,000	14,804,000
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate							4.25%
Property Carrying Value							$ 13,925,000
Total debt before unamortized debt issue costs							$ 16,338,000	16,706,000
Courtyard by Marriott Dallas, TX
Participating Mortgage Loans [Line Items]
Interest Rate							7.61%
Property Carrying Value							$ 40,431,000
Total debt before unamortized debt issue costs							$ 24,500,000	0
Courtyard by Marriott Dallas, TX \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate		7.61%
Total debt before unamortized debt issue costs		$ 24,500,000
Debt instrument, term		5 years
Residence Inn by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate							7.42%
Property Carrying Value							$ 34,641,000
Total debt before unamortized debt issue costs							$ 20,850,000	0
Residence Inn by Marriott Austin, TX \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Interest Rate			7.42%
Total debt before unamortized debt issue costs			$ 20,900,000
Debt instrument, term			10 years
Debt instrument, period of interest			5 years
Amortization period			30 years
TownePlace Suites by Marriott Austin, TX
Participating Mortgage Loans [Line Items]
Interest Rate							7.42%
Property Carrying Value							$ 31,303,000
Total debt before unamortized debt issue costs							$ 19,075,000	0
TownePlace Suites by Marriott Austin, TX \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Interest Rate			7.42%
Total debt before unamortized debt issue costs			$ 19,100,000
Debt instrument, term			10 years
Debt instrument, period of interest			5 years
Amortization period			30 years
Courtyard by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate							7.33%
Property Carrying Value							$ 18,846,000
Total debt before unamortized debt issue costs							$ 9,000,000	0
Courtyard by Marriott Summerville, SC \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate	7.33%
Total debt before unamortized debt issue costs	$ 9,000,000
Debt instrument, term	10 years
Residence Inn by Marriott Summerville, SC
Participating Mortgage Loans [Line Items]
Interest Rate							7.33%
Property Carrying Value							$ 17,291,000
Total debt before unamortized debt issue costs							$ 9,500,000	$ 0
Residence Inn by Marriott Summerville, SC \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Interest Rate	7.33%
Total debt before unamortized debt issue costs	$ 9,500,000
Debt instrument, term	10 years
Delayed Draw Term Loan \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Number of extension options \| extension_option				2
Period of extension options				1 year
Delayed Draw Term Loan \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							0.10%
Delayed Draw Term Loan \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							1.45%
Delayed Draw Term Loan \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate							2.20%
Residence Inn by Marriott \| Barclays Capital Real Estate
Participating Mortgage Loans [Line Items]
Number of agreements \| agreement			2
Number of subsidiaries \| subsidiary			2
Courtyard by Marriott Summerville \| Wells Fargo Bank
Participating Mortgage Loans [Line Items]
Number of agreements \| agreement	2
Number of subsidiaries \| subsidiary	2

Dividends Declared and Paid (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Dividends Declared and Paid

The dividends and distributions and their tax characterization for the years ended December 31, 2023 and 2022 were as follows:



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends


March	3/31/2023	4/17/2023	0.07		0.07		0.07		—		0.07




June	6/30/2023	7/17/2023	0.07		0.07		0.07		—		0.07




September	9/29/2023	10/16/2023	0.07		0.07		0.07		—		0.07




December	12/29/2023	1/16/2024	0.07		0.07		0.07		—		0.07



Total 2023			$	0.28	$	0.28	$	0.28	$	—	$	0.28

The preferred dividends and their tax characterization for the years ended December 31, 2023 and 2022 were as follows:


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
March	3/31/2023	4/17/2023	$	0.41406	$	0.41406	$	—	$	0.41406
June	6/30/2023	7/17/2023	0.41406		0.41406		—		0.41406
September	9/29/2023	10/16/2023	0.41406		0.41406		—		0.41406
December	12/29/2023	1/16/2024	0.41406		0.41406		—		0.41406
Total 2023			$	1.65624	$	1.65624	$	—	$	1.65624


	Record Date	Payment Date	Dividend Per Preferred Share		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
March	3/31/2022	4/18/2022	$	0.41406	$	0.41406	$	—	$	0.41406
June	6/30/2022	7/15/2022	0.41406		0.41406		—		0.41406
September	9/30/2022	10/17/2022	0.41406		0.41406		—		0.41406
December	12/30/2022	1/17/2023	0.41406		0.41406		—		0.41406
Total 2022			$	1.65624	$	1.65624	$	—	$	1.65624

Shareholders' Equity (Details)		1 Months Ended		12 Months Ended
Shareholders' Equity (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Jan. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares authorized (up to) (in shares)				500,000,000	500,000,000
Common shares, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Number of votes per common share \| vote				1
Common shares, shares outstanding (in shares)				48,859,836	48,808,105
Proceeds from issuance of common shares \| $				$ 61,000	$ 57,000	$ 24,612,000
Preferred shares, shares authorized (up to) (in shares)				100,000,000	100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Preferred shares, shares issued (in shares)				4,800,000	4,800,000
Preferred shares, shares outstanding (in shares)				4,800,000	4,800,000
Proceeds from issuance of preferred shares \| $				$ 0	$ 0	120,000,000
Preferred dividends \| $				$ 7,950,000	$ 7,950,000	$ 3,975,000
Stock redemption, exchange ratio				1
Vested operating partnership units held by current and former employees (in shares)				1,587,317
DRSPP
Stockholders Equity Note Disclosure [Line Items]
Stock purchase plan, authorized amount \| $			$ 50,000,000
Additional common shares issued (in shares)				5,896
Weighted average price per share (in dollars per share) \| $ / shares				$ 10.27
Proceeds from issuance of common shares \| $				$ 61,000
Remaining authorized repurchase amount \| $				47,800,000
ATM Plan
Stockholders Equity Note Disclosure [Line Items]
Stock purchase plan, authorized amount \| $		$ 100,000,000
Remaining authorized repurchase amount \| $				$ 77,500,000
Series A Preferred Shares
Stockholders Equity Note Disclosure [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01
Preferred shares, shares issued (in shares)	4,800,000			4,800,000
Preferred shares, shares outstanding (in shares)	4,800,000			4,800,000
Preferred shares, dividend rate, percentage	6.625%			6.625%
Proceeds from issuance of preferred shares \| $	$ 115,900,000
Liquidation preference per share (in dollars per share) \| $ / shares	$ 25
Liquidation preference per share, per annum (in dollars per share) \| $ / shares	$ 1.65624
Change of control, redemption option, period following change of control	120 days
Share cap (in shares)	3.701

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2023, 48,859,836 common shares were outstanding. In December 2017, the Company established a $50 million dividend reinvestment and stock purchase plan which it renewed in December 2020 and renewed again in January 2024. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on common shares. Shareholders may also make optional cash purchases of common shares subject to certain limitations detailed in the prospectus for the DRSPP. During the year ended December 31, 2023, the Company issued 5,896 common shares under the DRSPP at a weighted average price of $10.27, which generated $61 thousand of proceeds. As of December 31, 2023, there was approximately $47.8 million in common shares available for issuance under the DRSPP. In January 2021, the Company established an "at-the-market" equity offering program (the "ATM Program") whereby, from time to time, the Company may publicly offer and sell its common shares having an aggregate offering price of up to $100 million by means of ordinary brokers transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Cantor Fitzgerald & Co., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities act as sales agents under the ATM Program. The Company did not issue any shares under the ATM Program during the year ended December 31, 2023. As of December 31, 2023, there was approximately $77.5 million in common shares available for issuance under the ATM Program. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $0.01 par value per share, in one or more series. On June 30, 2021, the Company issued 4,800,000 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), and received net proceeds of approximately $115.9 million. The Series A Preferred Shares rank senior to the Company’s common shares with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Series A Preferred Shares do not have any maturity date and are not subject to mandatory redemptions or sinking fund requirements. The distribution rate is 6.625% per annum of the $25.00 liquidation preference, which is equivalent to $1.65624 per annum per Series A Preferred Share. Distributions on the Series A Preferred Shares are payable quarterly in arrears with the first distribution on the Series A Preferred Shares paid on October 15, 2021. The Company may not redeem the Series A Preferred Shares before June 30, 2026 except in limited circumstances to preserve the Company's status as a REIT for federal income tax purposes and upon the occurrence of a change of control. On and after June 30, 2026, the Company may, at its option, redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Series A Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Series A Preferred Shares upon a change of control, the holders of the Series A Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on defined formulas subject to share caps. The share cap on each Series A Preferred Share is 3.701 common shares. As of December 31, 2023, 4,800,000 Series A Preferred Shares were issued and outstanding. During the year ended December 31, 2023, the Company accrued preferred share dividends of $8.0 million. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. 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 limited partners or shareholders. As of December 31, 2023, there were 1,587,317 vested Operating Partnership LTIP units held by current and former employees.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	For the year ended
	December 31,
	2023			2022			2021
Book loss before income taxes of the TRS	$	(7,309)		$	(12,935)		$	(24,391)

Statutory rate of 21%	$	(1,535)		$	(2,716)		$	(5,122)
Effect of state and local income taxes, net of federal tax benefit	(245)			(450)			(1,049)


Permanent adjustments	13			10			8
Change in valuation allowance	1,579			2,971			5,977
Valuation allowance release	—			—			—
Other	188			185			186
Total income tax (benefit) expense	$	—		$	—		$	—

Effective tax rate	—		%	—		%	—		%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2023 and 2022 are as follows (in thousands):


	For the year ended
	December 31,
	2023		2022
Gross deferred tax assets:
Allowance for doubtful accounts	$	71	$	88
Accrued compensation	179		429
Net operating loss	19,495		17,218

Gross deferred tax assets	$	19,745	$	17,735
Less: Valuation Allowance	$	(19,745)	$	(17,735)
Total deferred tax assets net of valuation allowance	$	—	$	—
Gross deferred tax liabilities:
Total book/tax difference in partnership	$	—	$	—
Gross deferred tax liabilities:	$	—	$	—
Net, deferred tax assets:	$	—	$	—