XML 35 R26.htm IDEA: XBRL DOCUMENT
v3.22.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of March 31, 2022 and December 31, 2021 (dollars in thousands):
|  |  |  |  |  | Principal Balance as of
Loan |  | Interest Rate as of March 31, 2022 |  | Maturity Date |  | March 31, 2022 |  | December 31, 2021
Salt Lake City Marriott Downtown at City Creek mortgage loan |  | LIBOR + 3.25% (1) |  | January 2023 |  | $ | 43,120 |  |  | $ | 43,570 |
Westin Washington, D.C. City Center mortgage loan |  | 3.99% |  | January 2023 |  | 55,299 |  |  | 55,913 |
The Lodge at Sonoma Resort mortgage loan |  | 3.96% |  | April 2023 |  | 25,413 |  |  | 25,542 |
Westin San Diego Bayview mortgage loan |  | 3.94% |  | April 2023 |  | 58,166 |  |  | 58,600 |
Courtyard New York Manhattan/Midtown East mortgage loan |  | 4.40% |  | August 2024 |  | 77,445 |  |  | 77,882 |
Worthington Renaissance Fort Worth Hotel mortgage loan |  | 3.66% |  | May 2025 |  | 76,992 |  |  | 77,453 |
Hotel Clio mortgage loan |  | 4.33% |  | July 2025 |  | 58,456 |  |  | 58,789 |
Westin Boston Seaport District mortgage loan |  | 4.36% |  | November 2025 |  | 181,679 |  |  | 182,755 |
Unamortized debt issuance costs |  |  |  |  |  | (1,661) |  |  | (1,853) |
Total mortgage debt, net of unamortized debt issuance costs |  |  |  |  |  | 574,909 |  |  | 578,651 |
Unsecured term loan |  | LIBOR + 2.40% (2) (4) |  | October 2023 |  | 50,000 |  |  | 50,000 |
Unsecured term loan |  | LIBOR + 2.40% (3) (4) |  | July 2024 |  | 350,000 |  |  | 350,000 |
Unamortized debt issuance costs |  |  |  |  |  | (1,332) |  |  | (1,428) |
Unsecured term loans, net of unamortized debt issuance costs |  |  |  |  |  | 398,668 |  |  | 398,572 |
Senior unsecured credit facility |  | LIBOR + 2.55% (4) |  | July 2023 (5) |  | 200,000 |  |  | 90,000 |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 1,173,577 |  |  | $ | 1,067,223 |
Weighted-Average Interest Rate |  | 3.78% |  |  |  |  |  |
_______________________ (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. LIBOR is subject to a floor of 0.25%. (4)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.
Summary of the Most Significant Covenants | A summary of the most significant covenants is as follows:
|  |  | Modified |  | Actual at
| Covenant |  | Covenant (1) |  | March 31, 2022
Maximum leverage ratio (2) | 60% |  | 65% |  | 50.0%
Minimum fixed charge coverage ratio (3) | 1.50x |  | 1.00x to 1.50x |  | 1.68x
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | Less than 45% of Total Asset Value |  | 27.7%
Unencumbered leverage ratio | 60.0% |  | 65.0% |  | 35.6%
Unencumbered implied debt service coverage ratio | 1.20x |  | 1.00x to 1.20x |  | 1.86x
_____________________________ (1)Covenant requirements during the Ratio Adjustment Period. (2)Leverage ratio is net indebtedness, as defined in the Credit Agreements, divided by total asset value, defined in the Credit Agreements as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. (3)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Credit Agreements as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Credit Agreements as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.

X
- Definition Line Of Credit Facility Covenant Compliance + References No definition available. + Details
Name: | drh_LineOfCreditFacilityCovenantComplianceTableTextBlock
Namespace Prefix: | drh_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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