Externally managed, hospitality-only non-traded REIT that acquired and owns select-service, extended-stay and compact full-service U.S. hotels, managed by affiliate TPG Hotels & Resorts under an owner-operator model. Acquisitions ended July 2021; the program now holds a static five-hotel, 559-room portfolio in four states (two in Traverse City, MI), pays a cumulative 7.0% distribution on its K-class shares, and awaits a liquidity event within its stated five-to-seven-year post-offering horizon (Aug 2026–Aug 2028). Authority to invest up to 10% of assets in real estate-related debt was never used. Strategy may change without stockholder approval.