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v3.22.4

Indebtedness, net (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Indebtedness | Indebtedness consisted of the following (in thousands):
|  |  |  |  |  |  |  |  |  | December 31, 2022 |  | December 31, 2021
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  |  |  | Debt Balance |  | Book Value of Collateral |  | Debt Balance |  | Book Value of Collateral
Mortgage loan (3) |  | 1 hotel |  | July 2022 |  | LIBOR (1) + 3.95% |  |  |  | $ | — |  |  | $ | — |  |  | $ | 33,200 |  |  | $ | 36,116 |
Mortgage loan (4) (5) |  | 1 hotel |  | November 2022 |  | LIBOR (1) + 2.70% |  |  |  | — |  |  | — |  |  | 25,000 |  |  | 46,833 |
Mortgage loan (6) (7) |  | 1 hotel |  | December 2022 |  | LIBOR (1) + 2.25% |  |  |  | — |  |  | — |  |  | 16,100 |  |  | 24,519 |
Mortgage loan (8) |  | 1 hotel |  | January 2023 |  | LIBOR (1) + 3.40% |  |  |  | — |  |  | — |  |  | 37,000 |  |  | 54,837 |
Mortgage loan (9) |  | 8 hotels |  | February 2023 |  | LIBOR (1) + 3.07% |  |  |  | 395,000 |  |  | 288,740 |  |  | 395,000 |  |  | 294,382 |
Mortgage loan (10) |  | 2 hotels |  | March 2023 |  | LIBOR (1) + 2.75% |  |  |  | 240,000 |  |  | 207,265 |  |  | 240,000 |  |  | 212,889 |
Mortgage loan (11) |  | 19 hotels |  | April 2023 |  | LIBOR(1) + 3.20% |  |  |  | 907,030 |  |  | 932,715 |  |  | 910,694 |  |  | 968,078 |
Mortgage loan |  | 1 hotel |  | June 2023 |  | LIBOR (1) + 2.45% |  |  |  | 73,450 |  |  | 100,142 |  |  | 73,450 |  |  | 102,317 |
Mortgage loan (12) |  | 7 hotels |  | June 2023 |  | LIBOR(1) + 3.65% |  |  |  | 180,720 |  |  | 124,761 |  |  | 180,720 |  |  | 122,346 |
Mortgage loan (12) |  | 7 hotels |  | June 2023 |  | LIBOR (1) + 3.39% |  |  |  | 174,400 |  |  | 118,783 |  |  | 174,400 |  |  | 120,065 |
Mortgage loan (12) |  | 5 hotels |  | June 2023 |  | LIBOR (1) + 3.73% |  |  |  | 221,040 |  |  | 145,085 |  |  | 221,040 |  |  | 152,371 |
Mortgage loan (12) |  | 5 hotels |  | June 2023 |  | LIBOR (1) + 4.02% |  |  |  | 262,640 |  |  | 80,554 |  |  | 262,640 |  |  | 84,690 |
Mortgage loan (12) |  | 5 hotels |  | June 2023 |  | LIBOR (1) + 2.73% |  |  |  | 160,000 |  |  | 168,223 |  |  | 160,000 |  |  | 171,440 |
Mortgage loan (12) |  | 5 hotels |  | June 2023 |  | LIBOR (1) + 3.68% |  |  |  | 215,120 |  |  | 164,792 |  |  | 215,120 |  |  | 174,749 |
Mortgage loan (13) |  | 17 hotels |  | November 2023 |  | LIBOR (1) + 3.13% |  |  |  | 415,000 |  |  | 220,462 |  |  | 419,000 |  |  | 226,178 |
Mortgage loan (4) |  | 1 hotel |  | November 2023 |  | SOFR (2) + 2.80% |  |  |  | 25,000 |  |  | 46,659 |  |  | — |  |  | — |
Mortgage loan (6) |  | 1 hotel |  | December 2023 |  | SOFR (2) + 2.85% |  |  |  | 15,290 |  |  | 23,440 |  |  | — |  |  | — |
Mortgage loan |  | 1 hotel |  | January 2024 |  | 5.49% |  |  |  | 6,345 |  |  | 6,556 |  |  | 6,492 |  |  | 6,943 |
Mortgage loan |  | 1 hotel |  | January 2024 |  | 5.49% |  |  |  | 9,261 |  |  | 13,638 |  |  | 9,474 |  |  | 15,196 |
Term loan (14) |  | Equity |  | January 2024 |  | 16.00% |  |  |  | 195,959 |  |  | — |  |  | 200,000 |  |  | — |
Mortgage loan |  | 1 hotel |  | May 2024 |  | 4.99% |  |  |  | 5,819 |  |  | 5,983 |  |  | 6,150 |  |  | 6,156 |
Mortgage loan (15) |  | 1 hotel |  | June 2024 |  | LIBOR (1) + 2.00% |  |  |  | — |  |  | — |  |  | 8,881 |  |  | 6,968 |
Mortgage loan (15) (16) |  | 1 hotel |  | June 2024 |  | SOFR (2) + 2.00% |  |  |  | 8,881 |  |  | 6,651 |  |  | — |  |  | — |
Mortgage loan |  | 2 hotels |  | August 2024 |  | 4.85% |  |  |  | 11,172 |  |  | 8,404 |  |  | 11,427 |  |  | 9,326 |
Mortgage loan |  | 3 hotels |  | August 2024 |  | 4.90% |  |  |  | 22,349 |  |  | 17,041 |  |  | 22,853 |  |  | 14,347 |
Mortgage loan (17) |  | 1 hotel |  | November 2024 |  | LIBOR (1) + 4.65% |  |  |  | 85,552 |  |  | 87,139 |  |  | 84,000 |  |  | 93,848 |
Mortgage loan (8) (18) |  | 1 hotel |  | December 2024 |  | SOFR (2) + 4.00% |  |  |  | 37,000 |  |  | 53,525 |  |  | — |  |  | — |
Mortgage loan |  | 3 hotels |  | February 2025 |  | 4.45% |  |  |  | 46,918 |  |  | 56,536 |  |  | 50,098 |  |  | 59,578 |
Mortgage loan |  | 1 hotel |  | March 2025 |  | 4.66% |  |  |  | 23,326 |  |  | 43,879 |  |  | 23,883 |  |  | 42,915 |
Mortgage loan (19) |  | 1 hotel |  | August 2025 |  | LIBOR (1) + 3.80% |  |  |  | — |  |  | — |  |  | 98,000 |  |  | 174,743 |
Mortgage loan (19) |  | 1 hotel |  | August 2025 |  | SOFR (2) + 3.91% |  |  |  | 98,000 |  |  | 170,329 |  |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | $ | 3,835,272 |  |  | $ | 3,091,302 |  |  | $ | 3,884,622 |  |  | $ | 3,221,830 |
Premiums (discounts), net |  |  |  |  |  |  |  |  |  | (20,249) |  |  |  |  | (32,777) |  |  |
Capitalized default interest and late charges |  |  |  |  |  |  |  |  |  | 8,363 |  |  |  |  | 23,511 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (8,530) |  |  |  |  | (15,440) |  |  |
Embedded debt derivative |  |  |  |  |  |  |  |  |  | 23,687 |  |  |  |  | 27,906 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 3,838,543 |  |  |  |  | $ | 3,887,822 |  |  |
_____________________________ (1) LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2) SOFR rate was 4.358% at December 31, 2022. (3) 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. (4) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.70% with SOFR + 2.80%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022. (5) This mortgage loan has a LIBOR floor of 1.25%. (6) On December 15, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.25% with SOFR + 2.85%. Additionally, we paid down $810,000 of principal. This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022. (7) This mortgage loan has a LIBOR floor of 0.25%. (8) On December 22, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.40% with SOFR + 4.00%, extended the current maturity date to December 2024, and added three one-year extension options, subject to satisfaction of certain conditions. (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023. Additionally in February 2023, the Company repaid $50.0 million in principal on this mortgage loan and reduced the 2024 debt yield extension test from 9.25% to 8.50%. (10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023. (11) 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. (12) 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. (13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022. On March 2, 2022, we repaid $4.0 million of principal on this mortgage loan. (14) 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. (15) On December 7, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.00% with SOFR + 2.00%. (16) This mortgage loan has a SOFR floor of 2.00%. (17) 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. (18) This mortgage loan has a SOFR floor of 0.50%. (19) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.80% with SOFR + 3.91%. This mortgage loan has one one-year extension option, subject to 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):
|  |  | Year Ended December 31,
Line Item |  |  |  |  | 2022 |  | 2021 |  | 2020
Interest expense and amortization of discounts and loan costs |  |  |  |  | $ | (12,015) |  |  | $ | (7,142) |  |  | $ | 154 |
Schedule of Maturities and Schedule Amortizations | Maturities and scheduled amortizations of indebtedness as of December 31, 2022 for each of the five following years and thereafter are as follows (in thousands):
2023 | $ | 3,287,656 |
2024 | 382,965 |
2025 | 164,651 |
2026 | — |
2027 | — |
Thereafter | — |
Total | $ | 3,835,272 |

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