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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table sets forth information regarding the Company’s debt (dollars in thousands):
Principal Balance
as of December 31,
LoanInterest Rate as of December 31, 2023Maturity Date20232022
Courtyard New York Manhattan / Midtown East mortgage loan4.40%
August 2024
74,346 76,153 
Worthington Renaissance Fort Worth Hotel mortgage loan3.66%
May 2025
73,727 75,625 
Hotel Clio mortgage loan4.33%
July 2025
56,091 57,469 
Westin Boston Seaport District mortgage loan4.36%
November 2025
174,025 178,487 
Unsecured term loan
SOFR + 1.35% (1)
January 2028
500,000 500,000 
Unsecured term loan
SOFR + 1.35% (1)
January 2025 (2)
300,000 300,000 
Senior unsecured credit facility
SOFR + 1.40%
September 2026 (2)
— — 
Total debt1,178,189 1,187,734 
Unamortized debt issuance costs (3)
(1,184)(1,941)
Debt, net of unamortized debt issuance costs$1,177,005 $1,185,793 
Weighted-Average Interest Rate (4)
5.22% 
_____________
(1)Interest rate as of December 31, 2023 was 6.81%.
(2)Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
(3)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.
(4)Weighted-average interest rate as of December 31, 2023 includes effect of interest rate swaps.
Schedule of Maturities of Long-Term Debt
As of December 31, 2023, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands):

2024$82,381 
2025295,808 
2026300,000 
2027— 
2028500,000 
Thereafter— 
$1,178,189 
Schedule of Line Of Credit Facility Leverage And Applicable Margin The applicable margin is based upon our leverage ratio, as follows:
Leverage RatioApplicable Margin for Revolving LoansApplicable Margin for Term Loans
Less than 30%
1.40%
1.35%
Greater than or equal to 30% but less than 35%
1.45%
1.40%
Greater than or equal to 35% but less than 40%
1.50%
1.45%
Greater than or equal to 40% but less than 45%
1.60%
1.55%
Greater than or equal to 45% but less than 50%
1.80%
1.75%
Greater than or equal to 50% but less than 55%
1.95%
1.85%
Greater than or equal to 55%
2.25%
2.20%
Schedule of Line Of Credit Facility Covenant Compliance The Amended Credit Agreement contains various financial covenants. A summary of the most significant covenants are as follows:
Actual at
Covenant December 31, 2023
Maximum leverage ratio (1)
60%
29.3%
Minimum fixed charge coverage ratio (2)
1.50x
2.93x
Secured recourse indebtedness
Less than 45% of Total Asset Value
11.4%
Unencumbered leverage ratio
60.0%
30.0%
Unencumbered implied debt service coverage ratio
1.20x
2.49x
_____________________________
(1)Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, as defined in the Amended Credit Agreement, as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Amended Credit Agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Amended Credit Agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following (in thousands):
Year Ended December 31,
 202320222021
Mortgage debt interest$16,436 $23,276 $24,992 
Unsecured term loan interest43,294 21,153 14,794 
Credit facility interest and unused fees1,256 5,279 2,400 
Amortization of debt issuance costs and debt premium2,053 2,489 2,547 
Interest rate swap mark-to-market2,033 (13,914)(7,690)
$65,072 $38,283 $37,043