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Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
December 31, 2021December 31, 2020
IndebtednessCollateralMaturity
Interest Rate (1)
Default Rate (2)
Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Mortgage loan (4)
1 hotelNovember 2021
6.26%
n/a$— $— $84,544 $101,521 
Mortgage loan (5)
8 hotelsFebruary 2022
LIBOR(3) + 3.07%
n/a395,000 294,382 395,000 311,023 
Mortgage loan (6)
2 hotelsMarch 2022
LIBOR(3) + 2.75%
n/a240,000 212,889 240,000 224,022 
Mortgage loan (7)
19 hotelsApril 2022
LIBOR(3) + 3.20%
n/a910,694 968,078 914,281 1,020,462 
Mortgage loan (8)
7 hotelsJune 2022
LIBOR(3) + 3.65%
n/a180,720 122,346 180,720 125,266 
Mortgage loan (8)
7 hotelsJune 2022
LIBOR(3) + 3.39%
n/a174,400 120,065 174,400 124,613 
Mortgage loan (8)
5 hotelsJune 2022
LIBOR(3) + 3.73%
n/a221,040 152,371 221,040 163,550 
Mortgage loan (8)
5 hotelsJune 2022
LIBOR(3) + 4.02%
n/a262,640 84,690 262,640 94,111 
Mortgage loan (8)
5 hotelsJune 2022
LIBOR(3) + 2.73%
n/a160,000 171,440 160,000 178,377 
Mortgage loan (8)
5 hotelsJune 2022
LIBOR(3) + 3.68%
n/a215,120 174,749 215,120 190,650 
Mortgage loan (9)
1 hotelJuly 2022
LIBOR(3) + 3.95%
n/a33,200 36,116 34,200 38,549 
Mortgage loan (10) (11)
1 hotelNovember 2022
LIBOR(3) + 2.00%
n/a— — 98,259 180,312 
Mortgage loan (12)
17 hotelsNovember 2022
LIBOR(3) + 3.00%
n/a419,000 226,178 419,000 238,886 
Mortgage loan (13)
1 hotelNovember 2022
LIBOR(3) + 2.70%
n/a25,000 46,833 25,000 48,231 
Mortgage loan (14)
1 hotelDecember 2022
LIBOR(3) + 2.25%
n/a16,100 24,519 16,100 26,046 
Mortgage loan (15)
1 hotelJanuary 2023
LIBOR(3) + 3.40%
n/a37,000 54,837 37,000 56,784 
Mortgage loan 1 hotelJune 2023
LIBOR(3)+ 2.45%
n/a73,450 102,317 73,450 105,359 
Mortgage loan 1 hotelJanuary 20245.49%n/a6,492 6,943 6,706 7,456 
Mortgage loan 1 hotelJanuary 20245.49%n/a9,474 15,196 9,786 17,172 
Term loan (16) (17) (18)
EquityJanuary 202416.00%n/a200,000 — — — 
Mortgage loan (19)
1 hotelMay 20244.99%n/a6,150 6,156 6,260 6,494 
Mortgage loan 1 hotelJune 2024
LIBOR(3) + 2.00%
n/a8,881 6,968 8,881 6,980 
Mortgage loan2 hotelsAugust 20244.85%n/a11,427 9,326 11,774 10,466 
Mortgage loan3 hotelsAugust 20244.90%n/a22,853 14,347 23,542 15,805 
Mortgage loan (4)
1 hotelNovember 2024
LIBOR(3) + 4.65%
n/a84,000 93,848 — — 
Mortgage loan (20)
3 hotelsFebruary 20254.45%4.00%50,098 59,578 50,098 64,816 
Mortgage loan (21)
2 hotelsFebruary 20254.45%n/a— — 19,369 9,859 
Mortgage loan1 hotelMarch 20254.66%n/a23,883 42,915 24,415 42,778 
Mortgage loan (11)
1 hotelAugust 2025
LIBOR(3) + 3.80%
n/a98,000 174,743 — — 
3,884,622 $3,221,830 3,711,585 $3,409,588 
Premiums (discounts), net(32,777)(288)
Capitalized default interest and late charges23,511 27,444 
Deferred loan costs, net(15,440)(9,830)
Embedded debt derivative27,906 — 
Indebtedness, net$3,887,822 $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 December 31, 2021. The default rate is accrued in addition to the stated interest rate.
(3)    LIBOR rates were 0.101% and 0.144% at December 31, 2021 and December 31, 2020, respectively.
(4)     Effective November 1, 2021, we refinanced this mortgage loan totaling $78.4 million with a new $84.0 million loan with $2.0 million of future additional funding available. The new mortgage loan has a three-year initial term and has two 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 + 4.65%. This mortgage loan has a LIBOR floor of 0.10%.
(5)    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 third one-year extension period began in February 2022.
(6)    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 second one-year extension period will begin in March 2022.
(7)    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.
(8)    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.
(9)    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%.
(10)     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.
(11)    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%.
(12)    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 third one-year extension period began in November 2021.
(13)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension option began in November 2021. This mortgage loan has a LIBOR floor of 1.25%.
(14)     This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(15)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(16)    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 may 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.
(17)    On October 12, 2021, we amended this term loan agreement. Terms of the amendment included (i) extending the maturity date of the $250 million of additional commitment by one year, (ii) suspending certain covenants during the additional commitment period, (iii) suspending the subordinate advisory fees as long as interest and preferred dividends are paid current, (iv) allowing the lender to elect and receive the exit fee warrants at any time, and (v) if the exit fee warrants are sold at a per share common stock price in excess of $40, then 25% of the excess shall reduce the principal owed.
(18)    On November 23, 2021, we repaid $23.4 million of principal associated with paid-in-kind interest that had been capitalized into the principal balance of this term loan.
(19)    On December 31, 2021, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included a partial deferral of principal and interest payments from April 2020 through April 2021. Deferred principal and interest are to be repaid in monthly installments from January 2022 through June 2023. Monthly FF&E escrow deposits were waived from April 2020 through April 2021.
(20)     As of December 31, 2021, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheets and statements of operations.
(21)    Effective April 29, 2021, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan were removed from the Company's consolidated balance sheet.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202120202019
Interest expense, net of discount amortization$(7,142)$154 $232 
Schedule of Maturities and Schedule Amortizations
Maturities and scheduled amortizations of indebtedness as of December 31, 2021 for each of the five following years and thereafter are as follows (in thousands):
2022$3,255,980 
2023113,577 
2024348,513 
2025166,552 
2026— 
Thereafter— 
Total$3,884,622