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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consisted of the following as of June 30, 2025 and December 31, 2024 (dollars in thousands):
|  |  |  |  | Balance Outstanding as of |
| Interest Rate at June 30, 2025 |  | Maturity Date |  | June 30, 2025 |  | December 31, 2024 |
Unsecured revolving credit facilities |  |  |  |  |  |  |  |
Senior unsecured credit facility | — | (1)(2) | October 2026 / October 2028 |  | $ | — |  |  | $ | — |  |
PHL unsecured credit facility | — | (1) | October 2028 |  | — |  |  | — |  |
Unsecured revolving credit facilities |  |  |  |  | $ | — |  |  | $ | — |  |
Unsecured term loans |  |  |  |  |  |  |  |
Term Loan 2025 | 5.16% | (1) | October 2025 |  | 14,783 |  |  | 14,783 |  |
Term Loan 2027 | 5.29% | (1) | October 2027 |  | 360,000 |  |  | 360,000 |  |
Term Loan 2028 | 3.86% | (1) | January 2028 |  | 356,652 |  |  | 356,652 |  |
Term Loan 2029 | 5.16% | (1) | January 2029 |  | 185,217 |  |  | 185,217 |  |
Unsecured term loans principal |  |  |  |  | $ | 916,652 |  |  | $ | 916,652 |  |
Convertible senior notes principal | 1.75% |  | December 2026 |  | $ | 750,000 |  |  | $ | 750,000 |  |
Unsecured senior notes |  |  |  |  |  |  |  |
Series B Notes | 4.93% |  | December 2025 |  | 2,400 |  |  | 2,400 |  |
Senior Notes 2029 | 6.38% |  | October 2029 |  | 400,000 |  |  | 400,000 |  |
Unsecured senior notes principal |  |  |  |  | $ | 402,400 |  |  | $ | 402,400 |  |
Mortgage loans |  |  |  |  |  |  |  |
Margaritaville Hollywood Beach Resort | 7.04% | (3) | September 2026 |  | 140,000 |  |  | 140,000 |  |
Estancia La Jolla Hotel & Spa | 5.07% |  | September 2028 |  | 54,315 |  |  | 55,413 |  |
Mortgage loans principal |  |  |  |  | $ | 194,315 |  |  | $ | 195,413 |  |
Total debt principal |  |  |  |  | $ | 2,263,367 |  |  | $ | 2,264,465 |  |
Unamortized debt premium and deferred financing costs, net |  |  |  |  | (15,232) |  |  | (17,733) |  |
Debt, net |  |  |  |  | $ | 2,248,135 |  |  | $ | 2,246,732 |  |
______________________ (1) Borrowings bear interest at floating rates. Interest rate at June 30, 2025 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, subject 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 June 30, 2025 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, subject to certain terms and conditions and payment of an extension fee.
Schedule of Components of Interest Expense | The components of the Company's interest expense consisted of the following for the three and six months ended June 30, 2025 and 2024 (in thousands):
| For the three months ended June 30, |  | For the six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Unsecured revolving credit facilities | $ | 502 |  |  | $ | 497 |  |  | $ | 999 |  |  | $ | 995 |
Unsecured term loans | 10,956 |  |  | 19,215 |  |  | 21,927 |  |  | 38,127 |
Convertible senior notes | 3,282 |  |  | 3,282 |  |  | 6,563 |  |  | 6,563 |
Unsecured senior notes | 6,405 |  |  | 29 |  |  | 12,597 |  |  | 59 |
Mortgage loans | 3,191 |  |  | 3,218 |  |  | 6,354 |  |  | 6,443 |
Amortization of debt (premiums) and deferred financing fees | 1,911 |  |  | 1,537 |  |  | 3,821 |  |  | 4,608 |
Other | 1,035 |  |  | 161 |  |  | 2,154 |  |  | (2,435) |
Total interest expense | $ | 27,282 |  |  | $ | 27,939 |  |  | $ | 54,415 |  |  | $ | 54,360 |
Schedule of Interest Rate Swaps | The Company's interest rate swaps at June 30, 2025 and December 31, 2024 consisted of the following, by maturity date (dollars in thousands):
|  |  |  |  |  | Aggregate Notional Value as of
Hedge Type |  | Interest Rate Range (SOFR) |  | Maturity |  | June 30, 2025 |  | December 31, 2024
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 |
Swap-cash flow |  | 3.54% - 3.55% |  | May 2028 |  | 100,000 |  |  | — |
Total |  |  |  |  |  | $ | 955,000 |  |  | $ | 855,000 |

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