XML 43 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Long Term Debt The following table sets forth information regarding the Company’s debt as of December 31, 2020 and 2019 (dollars in thousands):
Principal Balance
as of December 31,
LoanInterest Rate as of December 31, 2020Maturity Date20202019
Salt Lake City Marriott Downtown at City Creek mortgage loan (1)4.25 %November 2020$— $53,273 
Salt Lake City Marriott Downtown at City Creek mortgage loan
LIBOR + 3.25% (2)
January 2022 (3)47,250 — 
Westin Washington D.C. City Center mortgage loan3.99 %January 202358,282 60,550 
The Lodge at Sonoma Renaissance Resort & Spa mortgage loan3.96 %April 202326,268 26,963 
Westin San Diego Downtown mortgage loan3.94 %April 202360,261 61,851 
Courtyard New York Manhattan / Midtown East mortgage loan4.40 %August 202479,535 81,107 
Worthington Renaissance Fort Worth Hotel mortgage loan3.66 %May 202579,214 80,904 
JW Marriott Denver Cherry Creek mortgage loan4.33 %July 202560,052 61,253 
Westin Boston Waterfront mortgage loan4.36 %November 2025186,840 190,725 
New Market Tax Credit loan (4)5.17 %December 2020— 2,943 
Unamortized debt issuance costs(2,553)(3,240)
Total mortgage and other debt, net of unamortized debt issuance costs595,149 616,329 
Unsecured term loan
LIBOR + 2.35% (5)
October 202350,000 50,000 
Unsecured term loan
LIBOR + 2.35% (6)
July 2024350,000 350,000 
Unamortized debt issuance costs(1,450)(1,230)
Unsecured term loans, net of unamortized debt issuance costs398,550 398,770 
Senior unsecured credit facility
LIBOR + 2.40% (7)
July 2023 (8)55,000 75,000 
Total debt, net of unamortized debt issuance costs$1,048,699 $1,090,099 
Weighted-Average Interest Rate3.89% 
_____________
(1) The loan was repaid on June 25, 2020.
(2)    LIBOR is subject to a floor of 1.0%.
(3)    The loan may be extended for an additional year upon satisfaction of certain conditions.
(4)    Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018. The loan matured and was repaid on December 7, 2020.
(5)    We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.
(6) 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%.
(7) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.    
(8)    The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary
conditions.
Schedule of Maturities of Long-Term Debt The aggregate debt maturities as of December 31, 2020 are as follows (in thousands):
2021$15,318 
202259,546 
2023194,650 
2024432,381 
2025295,807 
Thereafter— 
$997,702