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Indebtedness, net (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
March 31, 2022December 31, 2021
IndebtednessCollateralMaturity
Interest Rate (1)
Default Rate (2)
Debt BalanceDebt Balance
Mortgage loan (4)
7 hotelsJune 2022
LIBOR (3) + 3.65%
n/a$180,720 $180,720 
Mortgage loan (4)
7 hotelsJune 2022
LIBOR(3) + 3.39%
n/a174,400 174,400 
Mortgage loan (4)
5 hotelsJune 2022
LIBOR(3) + 3.73%
n/a221,040 221,040 
Mortgage loan (4)
5 hotelsJune 2022
LIBOR(3) + 4.02%
n/a262,640 262,640 
Mortgage loan (4)
5 hotelsJune 2022
LIBOR(3) + 2.73%
n/a160,000 160,000 
Mortgage loan (4)
5 hotelsJune 2022
LIBOR(3) + 3.68%
n/a215,120 215,120 
Mortgage loan (5)
1 hotelJuly 2022
LIBOR(3) + 3.95%
n/a33,200 33,200 
Mortgage loan (6)
17 hotelsNovember 2022
LIBOR(3) + 3.00%
n/a415,000 419,000 
Mortgage loan (7)
1 hotelNovember 2022
LIBOR(3) + 2.70%
n/a25,000 25,000 
Mortgage loan (8)
1 hotelDecember 2022
LIBOR(3) + 2.25%
n/a16,100 16,100 
Mortgage loan (9)
1 hotelJanuary 2023
LIBOR(3) + 3.40%
n/a37,000 37,000 
Mortgage loan (10)
8 hotelsFebruary 2023
LIBOR(3) + 3.07%
n/a395,000 395,000 
Mortgage loan (11)
2 hotelsMarch 2023
LIBOR(3) + 2.75%
n/a240,000 240,000 
Mortgage loan (12)
19 hotelsApril 2023
LIBOR(3) + 3.20%
n/a910,475 910,694 
Mortgage loan 1 hotelJune 2023
LIBOR(3) + 2.45%
n/a73,450 73,450 
Mortgage loan 1 hotelJanuary 2024
5.49%
n/a6,454 6,492 
Mortgage loan 1 hotelJanuary 2024
5.49%
n/a9,420 9,474 
Term loan (13)
EquityJanuary 2024
16.00%
n/a200,000 200,000 
Mortgage loan 1 hotelMay 2024
4.99%
n/a6,115 6,150 
Mortgage loan1 hotelJune 2024
LIBOR(3) + 2.00%
n/a8,881 8,881 
Mortgage loan 2 hotelsAugust 2024
4.85%
n/a11,367 11,427 
Mortgage loan 3 hotelsAugust 2024
4.90%
n/a22,735 22,853 
Mortgage loan (14)
1 hotelNovember 2024
LIBOR(3) + 4.65%
n/a84,000 84,000 
Mortgage loan (15)
3 hotelsFebruary 2025
4.45%
4.00%50,098 50,098 
Mortgage loan 1 hotelMarch 2025
4.66%
n/a23,743 23,883 
Mortgage loan (16)
1 hotelAugust 2025
LIBOR(3) + 3.80%
n/a98,000 98,000 
3,879,958 3,884,622 
Premiums (discounts), net(30,079)(32,777)
Capitalized default interest and late charges19,735 23,511 
Deferred loan costs, net(13,576)(15,440)
Embedded debt derivative26,974 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 $4.0 million of principal on this mortgage loan.
(7)    This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension option began in November 2021. This mortgage loan has a LIBOR floor of 1.25%.
(8)     This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%.
(9)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in February 2022.
(11)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in March 2022.
(12)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022.
(13)    This term loan has two one-year extension options, subject to satisfaction of certain conditions.
(14)    This mortgage loan has two one-year extension options, subject to the satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%.
(15)     As of March 31, 2022, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheets and statements of operations.
(16)     This mortgage loan has one one-year extension option, subject to the satisfaction of certain conditions.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Three Months Ended March 31,
Line Item20222021
Interest expense, net of discount amortization$(2,698)$(2,465)