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Notes Receivable, net and Other
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Notes Receivable, net and Other Notes Receivable, net and Other
Notes receivable, net are summarized in the table below (dollars in thousands):
Interest RateDecember 31, 2021December 31, 2020
Construction Financing Note (1) (5)
Face amount7.0 %$4,000 $4,000 
Discount (2)
— (143)
4,000 3,857 
Certificate of Occupancy Note (3) (5)
Face amount7.0 %$5,250 $5,250 
Discount (4)
(527)(844)
4,723 4,406 
Notes receivable, net$8,723 $8,263 
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(1)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before the earlier of (i) the buyer closing on third-party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024.
(2)    The discount represents the imputed interest during the interest-free period. Interest began accruing on July 9, 2021.
(3)    The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025.
(4)    The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023.
(5)     The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
Cash interest income of $110,000 was recorded for the year ended December 31, 2021. No cash interest income was recorded for the year ended December 31, 2020.
We recognized discount amortization income as presented in the table below (in thousands):
Year Ended December 31,
Line Item202120202019
Other income (expense)$460 $554 $119 
On January 1, 2020, we adopted the provisions of ASC Topic 326, Financial Instruments - Credit Losses. Upon adoption, we evaluated the notes and other receivables under the criteria in ASC Topic 326. Upon adoption, we determined that the
expected credit loss associated with the notes and other receivables was immaterial. As of December 31, 2021 and December 31, 2020, the expected credit loss associated with the notes and other receivables was immaterial.
Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands):
Imputed Interest RateDecember 31, 2020
Future ownership rights of parking parcel7.0 %$4,100 
Imputed interest372 
$4,472 
(1)
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(1)    Included in “other assets” in the consolidated balance sheet.
On August 31, 2021, we obtained access to the parking parcel and capitalized $4.7 million to “investments in hotel properties, net” in the consolidated balance sheet.
For the years ended December 31, 2021 and 2020, we received reimbursement of $320,000 and $240,000 of parking fees and recognized income of $89,000 and $9,000, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel was in development. On August 31, 2021, the parking parcel was completed and we obtained access to utilize the parking parcel.
For the year ended December 31, 2021 and 2020, respectively, we recognized imputed interest income as presented in the table below (in thousands):
Year Ended December 31,
Line Item202120202019
Other income (expense)$211 $300 $72 
We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands):
Year Ended December 31,
Line Item202120202019
Other income (expense)$— $(117)$(118)