XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of September 30, 2021 and December 31, 2020 (dollars in thousands):
|  |  |  |  |  | Principal Balance as of
Loan |  | Interest Rate as of September 30, 2021 |  | Maturity Date |  | September 30, 2021 |  | December 31, 2020
Salt Lake City Marriott Downtown at City Creek mortgage loan |  | LIBOR + 3.25% (1) |  | January 2022 (2) |  | $ | 45,900 |  |  | $ | 47,250 |
Westin Washington, D.C. City Center mortgage loan |  | 3.99% |  | January 2023 |  | 56,516 |  |  | 58,282 |
The Lodge at Sonoma Resort mortgage loan |  | 3.96% |  | April 2023 |  | 25,786 |  |  | 26,268 |
Westin San Diego Downtown mortgage loan |  | 3.94% |  | April 2023 |  | 59,023 |  |  | 60,261 |
Courtyard New York Manhattan/Midtown East mortgage loan |  | 4.40% |  | August 2024 |  | 78,305 |  |  | 79,535 |
Worthington Renaissance Fort Worth Hotel mortgage loan |  | 3.66% |  | May 2025 |  | 77,901 |  |  | 79,214 |
JW Marriott Denver at Cherry Creek mortgage loan |  | 4.33% |  | July 2025 |  | 59,112 |  |  | 60,052 |
Westin Boston Seaport District mortgage loan |  | 4.36% |  | November 2025 |  | 183,799 |  |  | 186,840 |
Unamortized debt issuance costs |  |  |  |  |  | (1,977) |  |  | (2,553) |
Total mortgage debt, net of unamortized debt issuance costs |  |  |  |  |  | 584,365 |  |  | 595,149 |
Unsecured term loan |  | LIBOR + 2.40% (3) |  | October 2023 |  | 50,000 |  |  | 50,000 |
Unsecured term loan |  | LIBOR + 2.40% (4) |  | July 2024 |  | 350,000 |  |  | 350,000 |
Unamortized debt issuance costs |  |  |  |  |  | (1,577) |  |  | (1,450) |
Unsecured term loans, net of unamortized debt issuance costs |  |  |  |  |  | 398,423 |  |  | 398,550 |
Senior unsecured credit facility |  | LIBOR + 2.55% (5) |  | July 2023 (6) |  | — |  |  | 55,000 |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 982,788 |  |  | $ | 1,048,699 |
Weighted-Average Interest Rate |  | 3.97% |  |  |  |  |  |
_______________________ (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)We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (4)We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. LIBOR is subject to a floor of 0.25%. (5)LIBOR is subject to a floor of 0.25%. (6)The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: 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=124435984&loc=d3e28541-108399 Reference 4: 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=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: 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=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: 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=123467817&loc=d3e21521-112644 Reference 9: 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=123467817&loc=d3e21538-112644 Reference 10: 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=123599511&loc=d3e64711-112823 Reference 11: 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 12: 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=123467817&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration