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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024Maturity Date20242023
Courtyard New York Manhattan / Midtown East mortgage loan4.40%
August 2024
— 74,346 
Worthington Renaissance Fort Worth Hotel mortgage loan3.66%
May 2025
71,766 73,727 
Hotel Clio mortgage loan4.33%
July 2025
54,657 56,091 
Westin Boston Seaport District mortgage loan4.36%
November 2025
169,385 174,025 
Unsecured term loan
SOFR + 1.35% (1)
January 2028
500,000 500,000 
Unsecured term loan
SOFR + 1.35% (2)
January 2026 (3)
300,000 300,000 
Senior unsecured credit facility
SOFR + 1.40%
September 2026 (4)
— — 
Total debt1,095,808 1,178,189 
Unamortized debt issuance costs (5)
(514)(1,184)
Debt, net of unamortized debt issuance costs$1,095,294 $1,177,005 
Weighted-Average Interest Rate (6)
5.21% 
_____________
(1)Interest rate as of December 31, 2024 was 5.38%, which includes the effect of interest rate swaps.
(2)Interest rate as of December 31, 2024 was 5.79%.
(3)In September 2024, we exercised our option to extend the maturity by an additional year to January 2026.
(4)Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
(5)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheets.
(6)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.
Schedule of Maturities of Long-Term Debt
As of December 31, 2024, 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):

2025$295,808 
2026300,000 
2027— 
2028500,000 
2029— 
Thereafter— 
$1,095,808 
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 Credit Agreement contains various financial covenants. A summary of the most significant covenants are as follows:
Actual at
Covenant December 31, 2024
Maximum leverage ratio (1)
60%
26.5%
Minimum fixed charge coverage ratio (2)
1.50x
3.05x
Secured recourse indebtedness
Less than 45% of Total Asset Value
8.5%
Unencumbered leverage ratio
60.0%
27.4%
Unencumbered implied debt service coverage ratio
1.20x
2.75x
_____________________________
(1)Leverage ratio is net indebtedness, as defined in the Credit Agreement, divided by total asset value, defined in the 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 Credit Agreement as EBITDA less FF&E reserves, for the most recent trailing 12 month period, to fixed charges, which is defined in the Credit Agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same 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,
 202420232022
Mortgage debt interest$14,753 $16,436 $23,276 
Unsecured term loan interest47,232 43,294 21,153 
Credit facility interest and unused fees1,253 1,256 5,279 
Amortization of debt issuance costs1,967 2,053 2,489 
Interest rate swap mark-to-market— 2,033 (13,914)
Finance lease expense(1)
311 $— $— 
$65,516 $65,072 $38,283 
_____________
(1)In October 2024, we extended the term on one of our ground leases, and, as a result, the lease classification changed from an operating lease to a finance lease.