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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt DebtThe following table sets forth information regarding the Company’s debt as of December 31, 2021 and 2020 (dollars in thousands):
Principal Balance
as of December 31,
LoanInterest Rate as of December 31, 2021Maturity Date20212020
Salt Lake City Marriott Downtown at City Creek mortgage loan
LIBOR + 3.25% (1)
January 202343,570 47,250 
Westin Washington D.C. City Center mortgage loan3.99 %January 202355,913 58,282 
The Lodge at Sonoma Resort mortgage loan3.96 %April 202325,542 26,268 
Westin San Diego Downtown mortgage loan3.94 %April 202358,600 60,261 
Courtyard New York Manhattan / Midtown East mortgage loan4.40 %August 202477,882 79,535 
Worthington Renaissance Fort Worth Hotel mortgage loan3.66 %May 202577,453 79,214 
JW Marriott Denver Cherry Creek mortgage loan4.33 %July 202558,789 60,052 
Westin Boston Seaport District mortgage loan4.36 %November 2025182,755 186,840 
Unamortized debt issuance costs(1,853)(2,553)
Total mortgage and other debt, net of unamortized debt issuance costs578,651 595,149 
Unsecured term loan
LIBOR + 2.40% (2)
October 202350,000 50,000 
Unsecured term loan
LIBOR + 2.40% (3)
July 2024350,000 350,000 
Unamortized debt issuance costs(1,428)(1,450)
Unsecured term loans, net of unamortized debt issuance costs398,572 398,550 
Senior unsecured credit facility
LIBOR + 2.55% (4)
July 2023 (5)
90,000 55,000 
Total debt, net of unamortized debt issuance costs$1,067,223 $1,048,699 
Weighted-Average Interest Rate3.88% 
_____________
(1)    LIBOR is subject to a floor of 1.0%.
(2)    We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.
(3) 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%.
(4) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.    
(5)    The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary
conditions.

The aggregate debt maturities for our mortgage debt and unsecured term loans as of as of December 31, 2021 are as follows (in thousands):

2022$15,896 
2023236,420 
2024432,381 
2025295,807 
2026— 
Thereafter— 
$980,504 

Mortgage and Other Debt
We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2021, eight of our 32 hotel properties were secured by mortgage debt. On December 27, 2021, we extended the mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek for one year. As part of the extension, we used $1.9 million of the lender-held escrow funds as a principal payment.

Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment of the underlying debt. As of December 31, 2021, the debt service coverage ratios or debt yields for all of our mortgage loans, except for the mortgage loan secured by the Salt Lake Marriott Downtown at City Creek, were below the minimum thresholds such that the cash trap provision of each respective loan was triggered. As of December 31, 2021, we have $2.8 million held in cash traps, which is included within restricted cash on the accompanying balance sheet. We do not expect that such cash traps affect our ability to satisfy our short-term liquidity requirements.

Senior Unsecured Credit Facility and Unsecured Term Loans

We are party to credit agreements (the “Credit Agreements”) that provide for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which matures in July 2023, a $350 million unsecured term loan maturing in July 2024 (the “Term Loan Facility”) and a $50 million unsecured term loan maturing in October 2023 (the “2023 Term Loan”). The maturity date for the Revolving Credit Facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The interest rate on the Revolving Credit Facility and unsecured term loans is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio. In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we are required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%.

During the year ended December 31, 2020, we entered into two amendments (the “Amendments”) to the Credit Agreements (as amended, the “Amended Credit Agreements”). The Amendments waived the quarterly tested financial covenants from June 9, 2020 through the first quarter of 2021, unless we elect to terminate the waiver on an earlier date (such period between June 9, 2020 and the earlier of such date of termination and the end of the first quarter of 2021, the “Covenant Relief Period”).

During the Covenant Relief Period and until the date we have demonstrated compliance with the financial covenants for the fiscal quarter following the end of the Covenant Relief Period (the “Restriction Period”), the Amendments (i) require that the net cash proceeds from certain incurrences of indebtedness, equity issuances and asset dispositions will, subject to various exceptions, be applied as a mandatory prepayment of the amounts outstanding under the Amended Credit Agreements, (ii) impose an additional covenant that we and our subsidiaries maintain minimum liquidity, defined as unrestricted cash plus available capacity on the Revolving Credit Facility, of at least $100.0 million, (iii) impose additional negative covenants that will limit our ability to incur additional indebtedness, pay dividends and distributions (except to the extent required to maintain REIT status), repurchase shares, make prepayments of other indebtedness, make capital expenditures, conduct asset dispositions or transfers and make investments, in each case subject to various exceptions, and (iv) permit the payment of dividends on the Company's preferred stock, up to $17.5 million annually.

Following the end of the Covenant Relief Period, the Amendments modify certain financial covenants until January 1, 2022 or unless we elect to terminate the period on an earlier date (the “Ratio Adjustment Period”), as follows:

•Maximum Leverage Ratio is increased from 60% to 65%;
•Unencumbered Leverage Ratio is increased from 60% to 65%; and
•Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 for the first two testing periods in the Ratio Adjustment Period, not less than 1.10 to 1.00 for the third testing period in the Ratio Adjustment Period and not less than 1.20 to 1.00 for all testing periods thereafter.

During the Covenant Relief Period and until the earlier of (i) January 1, 2022 and (ii) the date on which we have demonstrated compliance with the financial covenants, without giving effect to the modifications imposed during the Ratio
Adjustment Period for two consecutive quarters following the Covenant Relief Period, the equity interests of certain of our subsidiaries that own unencumbered properties are required to be pledged to secure the obligations owed under the Amended Credit Agreements. During the Covenant Relief Period and the Ratio Adjustment Period, the Amendments also set the applicable interest rate to LIBOR plus a margin of 2.40% for the Revolving Credit Facility and LIBOR plus a margin of 2.35% for the Term Loan Facility and 2023 Term Loan. The Amendments also add a LIBOR floor of 0.25% to the variable interest rate calculation.

During the year ended December 31, 2021, we entered into amendments to the Amended Credit Agreements that provided for the following modifications:

•Extension of the Covenant Relief Period through the fourth quarter of 2021, unless we elect to terminate the period on an earlier date;
•Extension of the Ratio Adjustment Period until April 1, 2023, unless we elect to terminate the period on an earlier date;
•The minimum Unencumbered Implied Debt Service Coverage Ratio was lowered to 1.00 to 1.00 for the Ratio Adjustment period;
•Increases the applicable interest rate as follows: (i) for all revolving loans outstanding, LIBOR plus a margin of 2.55% per annum, and (ii) for all term loans outstanding, LIBOR plus a margin of 2.40% per annum;
•Increases the minimum liquidity covenant to $125.0 million; and
•Increases our ability to pay dividends on preferred stock up to $25.0 million annually.

On February 4, 2022, we entered into additional amendments to the Amended Credit Agreements that provide for the following modifications:

•Extends the Covenant Relief Period through the first quarter of 2022, unless we elect to terminate the period on an earlier date;
•Extends of the Ratio Adjustment Period until July 1, 2023, unless we elect to terminate the period on an earlier date,
•During the Ratio Adjustment Period, the Fixed Charge Coverage Ratio may not be less than 1.00 to 1.00 for the first testing period of the Ratio Adjustment Period, 1.20 to 1.00 for the second testing period of the Ratio Adjustment Period, 1.40 to 1.00 for the third testing period of the Ratio Adjustment Period, and 1.50 to 1.00 thereafter.
We incurred interest and unused fees on the Revolving Credit Facility of $2.4 million, $4.5 million and $3.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. We incurred interest on the unsecured term loans of $14.8 million, $13.4 million and $13.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Subsequent to December 31, 2021, we drew an additional $70.0 million on our senior unsecured credit facility.