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Debt (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of September 30, 2020 and December 31, 2019 (dollars in thousands):
|  |  |  |  |  | Principal Balance as of
Loan |  | Interest Rate as of September 30, 2020 |  | Maturity Date |  | September 30, 2020 |  | December 31, 2019
Salt Lake City Marriott Downtown at City Creek mortgage loan (repaid on June 25, 2020) |  | 4.25% |  | November 2020 |  | $ | — |  |  | $ | 53,273 |
Salt Lake City Marriott Downtown at City Creek mortgage loan |  | LIBOR + 3.25% (1) |  | January 2022 (2) |  | 47,700 |  |  | — |
Westin Washington, D.C. City Center mortgage loan |  | 3.99% |  | January 2023 |  | 58,860 |  |  | 60,550 |
The Lodge at Sonoma Renaissance Resort & Spa mortgage loan |  | 3.96% |  | April 2023 |  | 26,502 |  |  | 26,963 |
Westin San Diego Downtown mortgage loan |  | 3.94% |  | April 2023 |  | 60,668 |  |  | 61,851 |
Courtyard New York Manhattan/Midtown East mortgage loan |  | 4.40% |  | August 2024 |  | 79,940 |  |  | 81,107 |
Worthington Renaissance Fort Worth Hotel mortgage loan |  | 3.66% |  | May 2025 |  | 79,647 |  |  | 80,904 |
JW Marriott Denver at Cherry Creek mortgage loan |  | 4.33% |  | July 2025 |  | 60,361 |  |  | 61,253 |
Westin Boston Waterfront mortgage loan |  | 4.36% |  | November 2025 |  | 187,839 |  |  | 190,725 |
New Market Tax Credit loan (3) |  | 5.17% |  | December 2020 |  | 2,943 |  |  | 2,943 |
Unamortized debt issuance costs |  |  |  |  |  | (2,745) |  |  | (3,240) |
Total mortgage and other debt, net of unamortized debt issuance costs |  |  |  |  |  | 601,715 |  |  | 616,329 |
Unsecured term loan |  | LIBOR + 2.35% (4) |  | October 2023 |  | 50,000 |  |  | 50,000 |
Unsecured term loan |  | LIBOR + 2.35% (5) |  | July 2024 |  | 350,000 |  |  | 350,000 |
Unamortized debt issuance costs |  |  |  |  |  | (1,557) |  |  | (1,230) |
Unsecured term loans, net of unamortized debt issuance costs |  |  |  |  |  | 398,443 |  |  | 398,770 |
Senior unsecured credit facility |  | LIBOR + 2.40% (6) |  | July 2023 (7) |  | 99,985 |  |  | 75,000 |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 1,100,143 |  |  | $ | 1,090,099 |
Weighted-Average Interest Rate |  | 3.84% |  |  |  |  |  |
_______________________ (1)LIBOR is subject to a floor of 1.0%. (2)The loan may be extended for an additional year upon satisfaction of certain conditions. (3)Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018. (4)We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (5)We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (6)Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (7) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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