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v3.22.1

Indebtedness, net (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Summary of Indebtedness | Indebtedness consisted of the following (in thousands):
|  |  |  |  |  |  |  |  |  | March 31, 2022 |  | December 31, 2021
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate (1) |  | Default Rate (2) |  | Debt Balance |  |  |  | Debt Balance |  |
Mortgage loan (4) |  | 7 hotels |  | June 2022 |  | LIBOR (3) + 3.65% |  | n/a |  | $ | 180,720 |  |  |  |  | $ | 180,720 |  |  |
Mortgage loan (4) |  | 7 hotels |  | June 2022 |  | LIBOR(3) + 3.39% |  | n/a |  | 174,400 |  |  |  |  | 174,400 |  |  |
Mortgage loan (4) |  | 5 hotels |  | June 2022 |  | LIBOR(3) + 3.73% |  | n/a |  | 221,040 |  |  |  |  | 221,040 |  |  |
Mortgage loan (4) |  | 5 hotels |  | June 2022 |  | LIBOR(3) + 4.02% |  | n/a |  | 262,640 |  |  |  |  | 262,640 |  |  |
Mortgage loan (4) |  | 5 hotels |  | June 2022 |  | LIBOR(3) + 2.73% |  | n/a |  | 160,000 |  |  |  |  | 160,000 |  |  |
Mortgage loan (4) |  | 5 hotels |  | June 2022 |  | LIBOR(3) + 3.68% |  | n/a |  | 215,120 |  |  |  |  | 215,120 |  |  |
Mortgage loan (5) |  | 1 hotel |  | July 2022 |  | LIBOR(3) + 3.95% |  | n/a |  | 33,200 |  |  |  |  | 33,200 |  |  |
Mortgage loan (6) |  | 17 hotels |  | November 2022 |  | LIBOR(3) + 3.00% |  | n/a |  | 415,000 |  |  |  |  | 419,000 |  |  |
Mortgage loan (7) |  | 1 hotel |  | November 2022 |  | LIBOR(3) + 2.70% |  | n/a |  | 25,000 |  |  |  |  | 25,000 |  |  |
Mortgage loan (8) |  | 1 hotel |  | December 2022 |  | LIBOR(3) + 2.25% |  | n/a |  | 16,100 |  |  |  |  | 16,100 |  |  |
Mortgage loan (9) |  | 1 hotel |  | January 2023 |  | LIBOR(3) + 3.40% |  | n/a |  | 37,000 |  |  |  |  | 37,000 |  |  |
Mortgage loan (10) |  | 8 hotels |  | February 2023 |  | LIBOR(3) + 3.07% |  | n/a |  | 395,000 |  |  |  |  | 395,000 |  |  |
Mortgage loan (11) |  | 2 hotels |  | March 2023 |  | LIBOR(3) + 2.75% |  | n/a |  | 240,000 |  |  |  |  | 240,000 |  |  |
Mortgage loan (12) |  | 19 hotels |  | April 2023 |  | LIBOR(3) + 3.20% |  | n/a |  | 910,475 |  |  |  |  | 910,694 |  |  |
Mortgage loan |  | 1 hotel |  | June 2023 |  | LIBOR(3) + 2.45% |  | n/a |  | 73,450 |  |  |  |  | 73,450 |  |  |
Mortgage loan |  | 1 hotel |  | January 2024 |  | 5.49% |  | n/a |  | 6,454 |  |  |  |  | 6,492 |  |  |
Mortgage loan |  | 1 hotel |  | January 2024 |  | 5.49% |  | n/a |  | 9,420 |  |  |  |  | 9,474 |  |  |
Term loan (13) |  | Equity |  | January 2024 |  | 16.00% |  | n/a |  | 200,000 |  |  |  |  | 200,000 |  |  |
Mortgage loan |  | 1 hotel |  | May 2024 |  | 4.99% |  | n/a |  | 6,115 |  |  |  |  | 6,150 |  |  |
Mortgage loan |  | 1 hotel |  | June 2024 |  | LIBOR(3) + 2.00% |  | n/a |  | 8,881 |  |  |  |  | 8,881 |  |  |
Mortgage loan |  | 2 hotels |  | August 2024 |  | 4.85% |  | n/a |  | 11,367 |  |  |  |  | 11,427 |  |  |
Mortgage loan |  | 3 hotels |  | August 2024 |  | 4.90% |  | n/a |  | 22,735 |  |  |  |  | 22,853 |  |  |
Mortgage loan (14) |  | 1 hotel |  | November 2024 |  | LIBOR(3) + 4.65% |  | n/a |  | 84,000 |  |  |  |  | 84,000 |  |  |
Mortgage loan (15) |  | 3 hotels |  | February 2025 |  | 4.45% |  | 4.00% |  | 50,098 |  |  |  |  | 50,098 |  |  |
Mortgage loan |  | 1 hotel |  | March 2025 |  | 4.66% |  | n/a |  | 23,743 |  |  |  |  | 23,883 |  |  |
Mortgage loan (16) |  | 1 hotel |  | August 2025 |  | LIBOR(3) + 3.80% |  | n/a |  | 98,000 |  |  |  |  | 98,000 |  |  |
|  |  |  |  |  |  |  |  |  | 3,879,958 |  |  |  |  | 3,884,622 |  |  |
Premiums (discounts), net |  |  |  |  |  |  |  |  |  | (30,079) |  |  |  |  | (32,777) |  |  |
Capitalized default interest and late charges |  |  |  |  |  |  |  |  |  | 19,735 |  |  |  |  | 23,511 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (13,576) |  |  |  |  | (15,440) |  |  |
Embedded debt derivative |  |  |  |  |  |  |  |  |  | 26,974 |  |  |  |  | 27,906 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 3,883,012 |  |  |  |  | $ | 3,887,822 |  |  |
_____________________________ (1) Interest rates do not include default or late payment rates in effect on one mortgage loan. (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 March 31, 2022. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.452% and 0.101% at March 31, 2022 and December 31, 2021, respectively. (4) 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. (5) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%. (6) 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. On March 2, 2022, we repaid $4.0 million of principal on this mortgage loan. (7) 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%. (8) 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%. (9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (10) 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. (11) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022. (13) This term loan has two one-year extension options, subject to satisfaction of certain conditions. (14) This mortgage loan has two one-year extension options, subject to the satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%. (15) As of March 31, 2022, 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. (16) This mortgage loan has one one-year extension option, subject to the satisfaction of certain conditions.
Schedule of Net Premium (Discount) Amortization Recognized | We recognized net premium (discount) amortization as presented in the table below (in thousands):
| Three Months Ended March 31, |  |
Line Item | 2022 |  | 2021 |  |  |  |  |  |
Interest expense, net of discount amortization | $ | (2,698) |  |  | $ | (2,465) |  |  |  |  |  |  |

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