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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt |
Summary of Debt and Finance Lease Obligations | The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
$700M Revolving Credit Facility | ​ | $ | — | ​ | $ | —
$500M Term Loan B | ​ |  | 496,250 | ​ |  | 371,250
$400M 7.25% Senior Notes | ​ | ​ | 400,000 | ​ | ​ | —
$600M 4.50% Senior Notes | ​ | ​ | 600,000 | ​ | ​ | 600,000
$700M 4.75% Senior Notes | ​ | ​ | 700,000 | ​ | ​ | 700,000
$800M Gaylord Rockies Term Loan | ​ | ​ | 800,000 | ​ | ​ | 800,000
$300M OEG Term Loan | ​ |  | 296,250 | ​ |  | 299,250
$65M OEG Revolver | ​ |  | 5,000 | ​ |  | —
Block 21 CMBS Loan | ​ | ​ | 131,871 | ​ | ​ | 134,636
Finance lease obligations | ​ |  | 138 | ​ |  | 685
Unamortized deferred financing costs | ​ | ​ | (38,309) | ​ | ​ | (30,482)
Unamortized discounts and premiums, net | ​ | ​ | (14,172) | ​ | ​ | (12,747)
Total debt | ​ | $ | 3,377,028 | ​ | $ | 2,862,592
​
Annual Maturities of Long-Term Debt Excluding Finance Lease Obligations | Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Years | ​ | ​ | ​
​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | 2027 | ​ | 2028 | ​ | Thereafter | ​ | Total
$700M Revolving Credit Facility | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
$500M Term Loan B | ​ | 5,000 | ​ | ​ | 5,000 | ​ | ​ | 5,000 | ​ | ​ | 5,000 | ​ | ​ | 5,000 | ​ | ​ | 471,250 | ​ | ​ | 496,250
$400M 7.25% Senior Notes | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 400,000 | ​ | ​ | — | ​ | ​ | 400,000
$600M 4.50% Senior Notes | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 600,000 | ​ | ​ | 600,000
$700M 4.75% Senior Notes | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 700,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 700,000
$800M Gaylord Rockies Term Loan (1) | ​ | 800,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 800,000
$300M OEG Term Loan | ​ | 3,000 | ​ | ​ | 3,000 | ​ | ​ | 3,000 | ​ | ​ | 3,000 | ​ | ​ | 3,000 | ​ | ​ | 281,250 | ​ | ​ | 296,250
$65M OEG Revolver | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,000
Block 21 CMBS Loan | ​ | 2,904 | ​ | ​ | 3,094 | ​ | ​ | 125,873 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 131,871
Total | $ | 810,904 | ​ | $ | 11,094 | ​ | $ | 133,873 | ​ | $ | 713,000 | ​ | $ | 408,000 | ​ | $ | 1,352,500 | ​ | $ | 3,429,371
| (1) | The $800 Million Gaylord Rockies Term Loan includes two, one-year extension options, subject to certain requirements.
​
Schedule of Fair Value of the Company's Derivative Financial Instruments | ​ The estimated fair values of the Company’s derivative financial instruments at December 31 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Estimated Fair Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Asset (Liability) Balance
​ | ​ | ​ | ​ | Strike | ​ | ​ | ​ | ​ | ​ | Notional | ​ | December 31, | ​ | December 31,
Hedged Debt | ​ | Type | ​ | Rate | ​ | Index | ​ | Maturity Date | ​ | Amount | ​ | 2023 | ​ | 2022
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | $ | 87,500 | ​ | $ | - | ​ | $ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2315% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,093
Gaylord Rockies Term Loan | ​ | Interest Rate Swap | ​ | 3.3410% | ​ | 1-month LIBOR | ​ | August 1, 2023 | ​ | ​ | 800,000 | ​ | ​ | - | ​ | ​ | 6,969
Gaylord Rockies Term Loan | ​ | Interest Rate Swap | ​ | 5.2105% | ​ | Daily SOFR | ​ | July 2, 2024 | ​ | ​ | 800,000 | ​ | ​ | (474) | ​ | ​ | -
OEG Term Loan | ​ | Interest Rate Swap | ​ | 4.5330% | ​ | 3-month SOFR | ​ | December 18, 2025 | ​ | ​ | 100,000 | ​ | ​ | (848) | ​ | ​ | (1,164)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (1,322) | ​ | $ | 10,186
Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations | ​ The effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31 is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain (Loss) | ​ | Location of Gain (Loss) | Amount of Gain (Loss)
​ | ​ | Recognized in OCI | ​ | Reclassified from | Reclassified from Accumulated
​ | ​ | on Derivatives | ​ | Accumulated OCI | ​ | OCI into Income (Expense)
​ | ​ | 2023 | ​ | 2022 |  | into Income (Expense) |  | 2023 | ​ | 2022
Derivatives in Cash Flow Hedging Relationships: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | 670 | ​ | $ | 16,007 | ​ | Interest expense | ​ | $ | 12,177 | ​ | $ | (3,541)
Total derivatives | ​ | $ | 670 | ​ | $ | 16,007 | ​ | ​ | ​ | ​ | ​ | $ | 12,177 | ​ | $ | (3,541)
​

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