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Indebtedness, net (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Indebtedness

Indebtedness consisted of the following (in thousands):

																														September 30, 2022						December 31, 2021
Indebtedness						Collateral						Maturity						Interest Rate (1)												Debt Balance												Debt Balance
Mortgage loan (2)						1 hotel						July 2022						LIBOR (1) + 3.95%												$	—											$	33,200
Mortgage loan (3)						17 hotels						November 2022						LIBOR(1) + 3.00%												415,000												419,000
Mortgage loan (4)						1 hotel						November 2022						LIBOR(1) + 2.70%												25,000												25,000
Mortgage loan (5)						1 hotel						December 2022						LIBOR(1) + 2.25%												16,100												16,100
Mortgage loan (6)						1 hotel						January 2023						LIBOR(1) + 3.40%												37,000												37,000
Mortgage loan (7)						8 hotels						February 2023						LIBOR(1) + 3.07%												395,000												395,000
Mortgage loan (8)						2 hotels						March 2023						LIBOR(1) + 2.75%												240,000												240,000
Mortgage loan (9)						19 hotels						April 2023						LIBOR(1) + 3.20%												907,030												910,694
Mortgage loan						1 hotel						June 2023						LIBOR(1) + 2.45%												73,450												73,450
Mortgage loan (10)						7 hotels						June 2023						LIBOR(1) + 3.65%												180,720												180,720
Mortgage loan (10)						7 hotels						June 2023						LIBOR(1) + 3.39%												174,400												174,400
Mortgage loan (10)						5 hotels						June 2023						LIBOR(1) + 3.73%												221,040												221,040
Mortgage loan (10)						5 hotels						June 2023						LIBOR(1) + 4.02%												262,640												262,640
Mortgage loan (10)						5 hotels						June 2023						LIBOR(1) + 2.73%												160,000												160,000
Mortgage loan (10)						5 hotels						June 2023						LIBOR(1) + 3.68%												215,120												215,120
Mortgage loan						1 hotel						January 2024						5.49%												6,383												6,492
Mortgage loan						1 hotel						January 2024						5.49%												9,316												9,474
Term loan (11)						Equity						January 2024						16.00%												195,959												200,000
Mortgage loan						1 hotel						May 2024						4.99%												5,881												6,150
Mortgage loan						1 hotel						June 2024						LIBOR(1) + 2.00%												8,881												8,881
Mortgage loan						2 hotels						August 2024						4.85%												11,231												11,427
Mortgage loan						3 hotels						August 2024						4.90%												22,466												22,853
Mortgage loan (12)						1 hotel						November 2024						LIBOR(1) + 4.65%												85,552												84,000
Mortgage loan						3 hotels						February 2025						4.45%												47,212												50,098
Mortgage loan						1 hotel						March 2025						4.66%												23,468												23,883
Mortgage loan (13)						1 hotel						August 2025						LIBOR(1) + 3.80%												98,000												98,000
																														3,836,849												3,884,622
Premiums (discounts), net																														(23,544)												(32,777)
Capitalized default interest and late charges																														12,161												23,511
Deferred loan costs, net																														(10,047)												(15,440)
Embedded debt derivative																														23,278												27,906
Indebtedness, net																														$	3,838,697											$	3,887,822

_____________________________

(1)    LIBOR rates were 3.143% and 0.101% at September 30, 2022 and December 31, 2021, respectively.

(2)    On September 1, 2022, we sold the property securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5.

(3)    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.

(4)    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%.

(5)     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%.

(6)    This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(7)    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.

(8)    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.

(9)    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.

(10)    This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022.

(11)    This term loan has two one-year extension options, subject to satisfaction of certain conditions. On September 1, 2022, we repaid $4.0 million of principal on this term loan.

(12)    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%. Effective September 23, 2022, we drew $1.6 million of the $2.0 million of future additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan.

(13)     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 September 30,												Nine Months Ended September 30,
Line Item			2022						2021						2022						2021
Interest expense, net of discount amortization			$	(3,108)					$	(1,913)					$	(8,719)					$	(4,606)

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