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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company's debt consisted of the following (in thousands):
December 31, 2020December 31, 2019
Senior Notes$495,759 $500,484 
Revolver 400,000 — 
Term Loans, net1,168,304 1,168,793 
Mortgage loans, net523,668 526,430 
Debt, net$2,587,731 $2,195,707 
Schedule of Senior Notes
The Company's senior unsecured notes are referred to as the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):
Outstanding Borrowings at
Interest RateMaturity DateDecember 31, 2020December 31, 2019
Senior unsecured notes (1) (2) (3)6.00%June 2025$495,759 $500,484 

(1)Requires payments of interest only through maturity.
(2)The senior unsecured notes include $20.9 million and $25.6 million at December 31, 2020 and 2019, respectively, related to acquisition related fair value adjustments on the Senior Notes.
(3)The Company has the option to redeem the senior unsecured notes at a price of 103.0% of face value.
Schedule of unsecured credit agreements The Company's unsecured credit agreements consisted of the following (in thousands):
Outstanding Borrowings at
Interest Rate at December 31, 2020 (1)Maturity DateDecember 31, 2020December 31, 2019
Revolver (2)3.77%May 2024$400,000 $— 
$150 Million Term Loan Maturing 20224.03%January 2022150,000 150,000 
$400 Million Term Loan Maturing 20234.73%January 2023400,000 400,000 
$225 Million Term Loan Maturing 20234.73%January 2023225,000 225,000 
$400 Million Term Loan Maturing 20253.92%May 2025400,000 400,000 
1,575,000 1,175,000 
Deferred financing costs, net (3)(6,696)(6,207)
Total Revolver and Term Loans, net$1,568,304 $1,168,793 

(1)Interest rate at December 31, 2020 gives effect to interest rate hedges.
(2)At December 31, 2020 and 2019, there was $200.0 million and $600.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied.
(3)Excludes $4.1 million and $3.4 million as of December 31, 2020 and 2019, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans
The Company's mortgage loans consisted of the following (in thousands):
Principal balance at
Number of Assets EncumberedInterest Rate at December 31, 2020Maturity DateDecember 31, 2020December 31, 2019
Mortgage loan (1)71.66%April 2022(5)$200,000 $200,000 
Mortgage loan (2)15.25%June 202230,332 31,215 
Mortgage loan (3)34.95%October 202286,775 89,299 
Mortgage loan (4)14.94%October 202227,972 28,785 
Mortgage loan (1) 41.74%April 2024(5)85,000 85,000 
Mortgage loan (1)31.74%April 2024(5)96,000 96,000 
19526,079 530,299 
Deferred financing costs, net(2,411)(3,869)
Total mortgage loans, net$523,668 $526,430 
(1)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.
(2)Includes $0.3 million and $0.5 million at December 31, 2020 and 2019, respectively, related to a fair value adjustment on a mortgage loan.
(3)Includes $0.9 million and $1.4 million at December 31, 2020 and 2019, respectively, related to fair value adjustments on the mortgage loans.
(4)Includes $0.3 million and $0.4 million at December 31, 2020 and 2019, respectively, related to a fair value adjustment on the mortgage loan.
(5)The mortgage loan provides two one year extension options.
Components of interest expense The components of the Company's interest expense consisted of the following (in thousands):
For the year ended December 31,
202020192018
Senior Notes$23,767 $23,793 $28,428 
Revolver and Term Loans55,413 42,272 43,458 
Mortgage loans16,949 20,754 26,253 
Amortization of deferred financing costs4,416 4,100 3,504 
Undesignated interest rate swaps(376)376 — 
Total interest expense$100,169 $91,295 $101,643 
Future minimum principal payments
As of December 31, 2020, the future minimum principal payments were as follows (in thousands):
2021$3,279 
2022490,386 
2023625,000 
2024581,000 
2025874,888 
Total (1)$2,574,553 
(1)Excludes a total of $22.3 million related to fair value adjustments on debt.