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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consisted of the following as of December 31, 2024 and 2023 (dollars in thousands):
|  |  |  |  | Balance Outstanding as of
| Interest Rate at December 31, 2024 |  | Maturity Date |  | December 31, 2024 |  | December 31, 2023
Revolving credit facilities |  |  |  |  |  |  |
Senior unsecured credit facility | - | (1)(2) | October 2026 / October 2028 |  | $ | — |  |  | $ | — |
PHL unsecured credit facility | - | (1) | October 2028 |  | — |  |  | — |
Revolving credit facilities |  |  |  |  | $ | — |  |  | $ | — |
Unsecured term loans |  |  |  |  |  |  |
Term Loan 2024 | - | (4) | October 2024 |  | — |  |  | 460,000 |
Term Loan 2025 | 5.16% | (1)(5) | October 2025 |  | 14,783 |  |  | 460,000 |
Term Loan 2027 | 5.56% | (1)(6) | October 2027 |  | 360,000 |  |  | 460,000 |
Term Loan 2028 | 3.88% | (1) | January 2028 |  | 356,652 |  |  | — |
Term Loan 2029 | 5.16% | (1) | January 2029 |  | 185,217 |  |  | — |
Unsecured term loan principal |  |  |  |  | $ | 916,652 |  |  | $ | 1,380,000 |
Convertible senior notes principal | 1.75% |  | December 2026 |  | $ | 750,000 |  |  | $ | 750,000 |
Senior unsecured notes |  |  |  |  |  |  |
Series B Notes | 4.93% |  | December 2025 |  | 2,400 |  |  | 2,400 |
Senior Notes 2029 | 6.38% |  | October 2029 |  | 400,000 |  |  | — |
Senior unsecured notes principal |  |  |  |  | $ | 402,400 |  |  | $ | 2,400 |
Mortgage loans |  |  |  |  |  |  |
Margaritaville Hollywood Beach Resort | 7.04% | (3) | September 2026 |  | 140,000 |  |  | 140,000 |
Estancia La Jolla Hotel & Spa | 5.07% |  | September 2028 |  | 55,413 |  |  | 57,497 |
Mortgage loans principal |  |  |  |  | $ | 195,413 |  |  | $ | 197,497 |
Total debt principal |  |  |  |  | $ | 2,264,465 |  |  | $ | 2,329,897 |
Unamortized debt premiums, discount and deferred financing costs, net |  |  |  |  | (17,733) |  |  | (10,096) |
Debt, Net |  |  |  |  | $ | 2,246,732 |  |  | $ | 2,319,801 |
______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee. (3) This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at December 31, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, pursuant to certain terms and conditions and payment of an extension fee. (4) On January 3, 2024, the Company extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. This indebtedness is shown above as Term Loan 2028. In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 with available cash. The remaining balance of Term Loan 2024 was repaid in October 2024 with proceeds from the Senior Notes 2029 offering. (5) On January 3, 2024, the Company repaid $50.0 million of its borrowings under Term Loan 2025 with available cash. On October 3, 2024, the Company repaid $210.0 million of its borrowings under Term Loan 2025 with proceeds from the Senior Notes 2029 offering. On November 1, 2024, the Company extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is shown above as Term Loan 2029. (6) On October 3, 2024, the Company repaid $100.0 million of its borrowings under Term Loan 2027 with proceeds from the Senior Notes 2029 offering.
Schedule of Components of Interest Expense | The components of the Company's interest expense consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | For the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
Unsecured revolving credit facilities |  | $ | 2,003 |  |  | $ | 2,074 |  |  | $ | 2,531 |
Unsecured term loan facilities |  | 67,928 |  |  | 73,151 |  |  | 52,355 |
Convertible senior notes |  | 13,125 |  |  | 13,125 |  |  | 13,125 |
Senior unsecured notes |  | 6,493 |  |  | 2,169 |  |  | 2,525 |
Mortgage debt |  | 12,931 |  |  | 14,704 |  |  | 9,788 |
Amortization of deferred financing fees, (premiums) and discounts |  | 10,268 |  |  | 8,104 |  |  | 16,465 |
Other |  | (316) |  |  | 2,333 |  |  | 3,199 |
Total interest expense |  | $ | 112,432 |  |  | $ | 115,660 |  |  | $ | 99,988 |
Schedule of Future Minimum Principal Payments | As of December 31, 2024, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands):
2025 | $ | 19,201 |
2026 | 752,308 |
2027 | 362,429 |
2028 | 545,310 |
2029 | 585,217 |
Total debt principle payments | $ | 2,264,465 |
Deferred financing costs, net | (17,733) |
Total debt | $ | 2,246,732 |
Schedule of Interest Rate Swaps | The Company's interest rate swaps at December 31, 2024 and 2023 consisted of the following, by maturity date (dollars in thousands):
|  |  |  |  |  | Aggregate Notional Value as of
Hedge Type |  | Interest Rate Range (SOFR) |  | Maturity |  | December 31, 2024 |  | December 31, 2023
Swap-cash flow |  | 2.47% - 2.50% |  | January 2024 |  | $ | — |  |  | $ | 300,000 |
Swap-cash flow |  | 3.22% - 3.25% |  | October 2025 |  | 200,000 |  |  | 200,000 |
Swap-cash flow |  | 1.33% - 1.36% |  | February 2026 |  | 290,000 |  |  | 290,000 |
Swap-cash flow |  | 3.02% - 3.03% |  | October 2026 |  | 200,000 |  |  | 200,000 |
Swap-cash flow |  | 3.29% |  | October 2027 |  | 165,000 |  |  | 165,000 |
Total |  |  |  |  |  | $ | 855,000 |  |  | $ | 1,155,000 |

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