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Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
September 30, 2021December 31, 2020
IndebtednessCollateralMaturity
Interest Rate (1)
Default Rate (2)
Debt BalanceDebt Balance
Mortgage loan 1 hotelNovember 2021
6.26%
n/a$78,614 $84,544 
Mortgage loan (4)
17 hotelsNovember 2021
LIBOR(3) + 3.00%
n/a419,000 419,000 
Mortgage loan (5)
1 hotelNovember 2021
LIBOR(3) + 2.55%
n/a25,000 25,000 
Mortgage loan (6)
8 hotelsFebruary 2022
LIBOR(3) + 3.07%
n/a395,000 395,000 
Mortgage loan (7)
2 hotelsMarch 2022
LIBOR(3) + 2.75%
n/a240,000 240,000 
Mortgage loan (8)
19 hotelsApril 2022
LIBOR(3) + 3.20%
n/a914,281 914,281 
Mortgage loan (9)
7 hotelsJune 2022
LIBOR(3) + 3.65%
n/a180,720 180,720 
Mortgage loan (9)
7 hotelsJune 2022
LIBOR(3) + 3.39%
n/a174,400 174,400 
Mortgage loan (9)
5 hotelsJune 2022
LIBOR(3) + 3.73%
n/a221,040 221,040 
Mortgage loan (9)
5 hotelsJune 2022
LIBOR(3) + 4.02%
n/a262,640 262,640 
Mortgage loan (9)
5 hotelsJune 2022
LIBOR(3) + 3.68%
n/a215,120 215,120 
Mortgage loan (9)
5 hotelsJune 2022
LIBOR(3) + 2.73%
n/a160,000 160,000 
Mortgage loan (10)
1 hotelJuly 2022
LIBOR(3) + 3.95%
n/a33,200 34,200 
Mortgage loan (11) (12)
1 hotelNovember 2022
LIBOR(3) + 2.00%
n/a— 98,259 
Mortgage loan (13)
1 hotelDecember 2022
LIBOR(3) + 2.25%
n/a16,100 16,100 
Mortgage loan (14)
1 hotelJanuary 2023
LIBOR(3) + 3.40%
n/a37,000 37,000 
Mortgage loan 1 hotelJune 2023
LIBOR(3)+ 2.45%
n/a73,450 73,450 
Mortgage loan 1 hotelJanuary 20245.49%n/a6,527 6,706 
Mortgage loan 1 hotelJanuary 20245.49%n/a9,526 9,786 
Term loan (15)
EquityJanuary 202416.00%n/a223,574 — 
Mortgage loan (16)
1 hotelMay 20244.99%5.00%6,260 6,260 
Mortgage loan 1 hotelJune 2024
LIBOR(3) + 2.00%
n/a8,881 8,881 
Mortgage loan2 hotelsAugust 20244.85%n/a11,551 11,774 
Mortgage loan3 hotelsAugust 20244.90%n/a23,100 23,542 
Mortgage loan (16)
3 hotelsFebruary 20254.45%4.00%50,098 50,098 
Mortgage loan (17)
2 hotelsFebruary 20254.45%n/a— 19,369 
Mortgage loan1 hotelMarch 20254.66%n/a24,019 24,415 
Mortgage loan (12)
1 hotelAugust 2025
LIBOR(3) + 3.80%
n/a98,000 — 
3,907,101 3,711,585 
Premiums (discounts), net(39,362)(288)
Capitalized default interest and late charges26,733 27,444 
Deferred loan costs, net(14,785)(9,830)
Embedded debt derivative38,952 — 
Indebtedness, net$3,918,639 $3,728,911 
_____________________________
(1)    Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2)    Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of September 30, 2021. The default rate is accrued in addition to the stated interest rate.
(3)    LIBOR rates were 0.080% and 0.144% at September 30, 2021 and December 31, 2020, respectively.
(4)    Effective February 9, 2021, we executed an agreement regarding existing default and extension options for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived through December 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020.
(5)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension option began in November 2020. This mortgage loan has a LIBOR floor of 1.25%.
(6)    Effective January 19, 2021, we executed a loan modification and reinstatement agreement for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived from April 2020 through December 2020, and monthly tax escrow deposits were waived from April 2020 through June 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021.
(7)    Effective April 1, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through December 31, 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021.
(8)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021.
(9)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(11)     Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through July 1, 2021.
(12)    On August 25, 2021, we refinanced this mortgage loan totaling $97.4 million with a new $98.0 million mortgage loan with a four-year initial term and one, one-year extension option, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.80%.
(13)     This mortgage loan has two one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(14)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(15)    Effective January 15, 2021, we entered into a term loan agreement with an initial draw of $200 million and a total commitment of $450 million. During the initial two year term, interest shall be paid-in-kind by capitalizing the accrued amount. The initial draw of this term loan is interest only and bears interest at a fixed rate of 16.0% for the first two years and 14.0% thereafter. This term loan has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions.
(16)     As of September 30, 2021, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations.
(17)    Effective April 29, 2021, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Line Item2021202020212020
Interest expense and amortization of discount and loan costs$(1,913)$57 $(4,606)$170