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Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long Term Debt The following table sets forth information regarding the Company’s debt as of June 30, 2022 and December 31, 2021 (dollars in thousands):
Principal Balance as of
LoanInterest Rate as of June 30, 2022Maturity DateJune 30, 2022December 31, 2021
Salt Lake City Marriott Downtown at City Creek mortgage loan
LIBOR + 3.25% (1)
January 2023$42,670 $43,570 
Westin Washington, D.C. City Center mortgage loan3.99%January 202354,690 55,913 
The Lodge at Sonoma Resort mortgage loan3.96%April 202325,228 25,542 
Westin San Diego Bayview mortgage loan3.94%April 202357,741 58,600 
Courtyard New York Manhattan/Midtown East mortgage loan4.40%August 202477,023 77,882 
Worthington Renaissance Fort Worth Hotel mortgage loan3.66%May 202576,543 77,453 
Hotel Clio mortgage loan4.33%July 202558,133 58,789 
Westin Boston Seaport District mortgage loan4.36%November 2025180,633 182,755 
Unamortized debt issuance costs(1,469)(1,853)
Total mortgage debt, net of unamortized debt issuance costs571,192 578,651 
Unsecured term loan
LIBOR + 2.40% (2) (4)
October 202350,000 50,000 
Unsecured term loan
LIBOR + 2.40% (3) (4)
July 2024350,000 350,000 
Unamortized debt issuance costs(1,178)(1,428)
Unsecured term loans, net of unamortized debt issuance costs398,822 398,572 
Senior unsecured credit facility
LIBOR + 2.55% (4)
July 2023 (5)
200,000 90,000 
Total debt, net of unamortized debt issuance costs$1,170,014 $1,067,223 
Weighted-Average Interest Rate4.20% 
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(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.
Schedule of the Most Significant Covenants
A summary of the most significant covenants is as follows:

ModifiedActual at
Covenant
Covenant (1)
June 30, 2022
Maximum leverage ratio (2)
60%
65%
35.1%
Minimum fixed charge coverage ratio (3)
1.50x
1.00x to 1.50x
2.6x
Secured recourse indebtedness
Less than 45% of Total Asset Value
Less than 45% of Total Asset Value
20.1%
Unencumbered leverage ratio
60.0%
65.0%
28.6%
Unencumbered implied debt service coverage ratio
1.20x
1.00x to 1.20x
2.52x
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(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.