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Fair Value Measurements and Interest Rate Swaps (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments | The fair value of certain financial assets and liabilities and other financial instruments as of March 31, 2021 and December 31, 2020, in thousands, is as follows:
| March 31, 2021 |  | December 31, 2020
| Carrying Amount (1) |  | Fair Value |  | Carrying Amount (1) |  | Fair Value
Debt | $ | 1,089,670 |  |  | $ | 1,103,030 |  |  | $ | 1,048,699 |  |  | $ | 1,078,900 |
_______________ (1)The carrying amount of debt is net of unamortized debt issuance costs.
Schedule of Interest Rate Derivatives | The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of March 31, 2021 and December 31, 2020, in thousands:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value of Assets (Liabilities)
Hedged Debt |  | Type |  | Rate Fixed |  | Index |  | Effective Date |  | Maturity Date |  | Notional Amount |  | March 31, 2021 |  | December 31, 2020
$50 million term loan |  | Swap |  | 2.41 | % |  | 1-Month LIBOR |  | January 7, 2019 |  | October 18, 2023 |  | $ | 50,000 |  |  | $ | (2,768) |  |  | $ | (3,231) |
$350 million term loan |  | Swap |  | 1.70 | % |  | 1-Month LIBOR |  | July 25, 2019 |  | July 25, 2024 |  | $ | 175,000 |  |  | (7,118) |  |  | (9,386) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,886) |  |  | $ | (12,617) |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following table presents the fair value of assets that are measured on a non-recurring basis (in thousands):
| Fair Value Measurements as of March 31, 2021
| Total |  | Level 1 |  | Level 2 |  | Level 3
Hotel properties | $ | 220,000 |  |  | $ | — |  |  | $ | 220,000 |  |  | $ | — |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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