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Indebtedness, net (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Summary of Indebtedness | Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  |  |  | June 30, 2024 |  |  |  | December 31, 2023 |  |
Mortgage loan (2) |  | 1 | hotel |  | May 2024 |  |  | 4.99 | % |  |  |  | $ | — |  |  |  |  | $ | 5,613 |  |  |
Mortgage loan (3) |  | 1 | hotel |  | June 2024 |  | SOFR(1) + | 2.00 | % |  |  |  | 8,881 |  |  |  |  | 8,881 |  |  |
Mortgage loan (4) |  | 2 | hotels |  | August 2024 |  |  | 4.85 | % |  |  |  | — |  |  |  |  | 10,945 |  |  |
Mortgage loan (5) |  | 1 | hotel |  | November 2024 |  | SOFR(1) + | 4.76 | % |  |  |  | 86,000 |  |  |  |  | 86,000 |  |  |
Mortgage loan (6) |  | 17 | hotels |  | November 2024 |  | SOFR(1) + | 3.39 | % |  |  |  | 409,750 |  |  |  |  | 409,750 |  |  |
Mortgage loan (7) |  | 1 | hotel |  | December 2024 |  | SOFR(1) + | 4.00 | % |  |  |  | 37,000 |  |  |  |  | 37,000 |  |  |
Mortgage loan (8) |  | 1 | hotel |  | December 2024 |  | SOFR(1) + | 2.85 | % |  |  |  | 13,683 |  |  |  |  | 13,759 |  |  |
Mortgage loan (9) |  | 2 | hotels |  | February 2025 |  |  | 4.45 | % |  |  |  | 26,319 |  |  |  |  | 45,792 |  |  |
Mortgage loan (10) |  | 8 | hotels |  | February 2025 |  | SOFR(1) + | 3.28 | % |  |  |  | 335,000 |  |  |  |  | 345,000 |  |  |
Mortgage loan |  | 1 | hotel |  | March 2025 |  |  | 4.66 | % |  |  |  | 22,441 |  |  |  |  | 22,742 |  |  |
Mortgage loan (11) |  | 2 | hotels |  | March 2025 |  | SOFR(1) + | 2.80 | % |  |  |  | — |  |  |  |  | 240,000 |  |  |
Mortgage loan (12) |  | 19 | hotels |  | April 2025 |  | SOFR(1) + | 3.51 | % |  |  |  | 862,027 |  |  |  |  | 862,027 |  |  |
Mortgage loan (13) |  | 4 | hotels |  | June 2025 |  | SOFR(1) + | 4.03 | % |  |  |  | 143,877 |  |  |  |  | 143,877 |  |  |
Mortgage loan (14) |  | 4 | hotels |  | June 2025 |  | SOFR(1) + | 4.29 | % |  |  |  | 159,424 |  |  |  |  | 237,061 |  |  |
Mortgage loan (15) |  | 5 | hotels |  | June 2025 |  | SOFR(1) + | 3.02 | % |  |  |  | 109,473 |  |  |  |  | 119,003 |  |  |
Mortgage loan (16) |  | 1 | hotel |  | August 2025 |  | SOFR(1) + | 3.91 | % |  |  |  | — |  |  |  |  | 98,000 |  |  |
Term loan (17) |  | Equity |  | January 2026 |  |  | 14.00 | % |  |  |  | 98,212 |  |  |  |  | 183,082 |  |  |
Mortgage loan (18) |  | 2 | hotels |  | May 2026 |  | SOFR(1) + | 4.00 | % |  |  |  | 98,450 |  |  |  |  | 98,450 |  |  |
Mortgage loan (11) |  | 1 | hotel |  | May 2026 |  | SOFR(1) + | 3.98 | % |  |  |  | 267,200 |  |  |  |  | — |  |  |
Mortgage loan (19) |  | 4 | hotels |  | December 2028 |  |  | 8.51 | % |  |  |  | 30,200 |  |  |  |  | 30,200 |  |  |
Environmental loan (20) |  | 1 | hotel |  | April 2024 |  |  | 10.00 | % |  |  |  | 588 |  |  |  |  | 571 |  |  |
Bridge loan (20) |  | 1 | hotel |  | December 2024 |  |  | 7.75 | % |  |  |  | 20,898 |  |  |  |  | 19,889 |  |  |
TIF Loan (20) |  | 1 | hotel |  | August 2025 |  |  | 8.25 | % |  |  |  | 5,609 |  |  |  |  | 5,609 |  |  |
Construction loan (20) |  | 1 | hotel |  | May 2033 |  |  | 11.26 | % |  |  |  | 15,850 |  |  |  |  | 15,494 |  |  |
Total indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 2,750,882 |  |  |  |  | $ | 3,038,745 |  |  |
Premiums (discounts), net |  |  |  |  |  |  |  |  |  |  |  | 306 |  |  |  |  | (606) |  |  |
Capitalized default interest and late charges |  |  |  |  |  |  |  |  |  |  |  | 144 |  |  |  |  | 396 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  |  |  | (13,883) |  |  |  |  | (6,914) |  |  |
Embedded debt derivative |  |  |  |  |  |  |  |  |  |  |  | 21,200 |  |  |  |  | 23,696 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  |  |  | $ | 2,758,649 |  |  |  |  | $ | 3,055,317 |  |  |
Indebtedness related to assets held for sale, net |  | 1 | hotel |  | February 2025 |  |  | 4.45 | % |  |  |  | — |  |  |  |  | 14,366 |  |  |
|  |  |  |  |  |  |  |  |  |  |  | $ | 2,758,649 |  |  |  |  | $ | 3,040,951 |  |  |
_____________________________ (1) SOFR rates were 5.34% and 5.35% at June 30, 2024 and December 31, 2023, respectively. (2) On May 30, 2024, we sold this property for $8.0 million. (3) This mortgage loan is in default as of June 30, 2024. The interest rate does not include the default or late payment rate in effect as of June 30, 2024. This mortgage loan has a SOFR floor of 2.0%. The asset securing the mortgage loan was disposed of on July 16, 2024. (4) On June 10, 2024, we sold the two properties securing this mortgage loan for $17.5 million. (5) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in November 2023. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. (8) This loan has two one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in December 2023. (9) On March 6, 2024, we sold the Residence Inn Salt Lake City for $19.2 million. Proceeds from the sale were used to repay $19.0 million in principal. (10) This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added an additional one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. (11) On May 9, 2024, we entered into a new $267.2 million loan secured by Nashville Renaissance. The new mortgage loan is interest only and bears interest at rate of SOFR + 3.98%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions. The previous mortgage loan was secured by Nashville Renaissance and Princeton Westin. After the May 9, 2024 refinance, Princeton Westin is unencumbered. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in April 2024. (13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began effective June 2024. In accordance with exercising the extension option, the variable interest rate changed from SOFR + 3.90% to SOFR + 4.03%. (14) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024. In accordance with exercising the extension option, we repaid $11.4 million of principal and the variable interest rate changed from SOFR + 4.17% to SOFR + 4.29%. A portion of his mortgage loan relates to One Ocean Resort, which was sold on June 27, 2024, resulting in a $66.2 million paydown. See note 5. (15) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fifth one-year extension period began in June 2024. In accordance with exercising the extension the extension option, we repaid $9.5 million of principal and the variable interest rate changed from SOFR + 2.90% to SOFR + 3.02%. (16) On April 9, 2024, we sold this property for $171.0 million. (17) On March 11, 2024, we amended this term loan. Terms of the amendment extended the current maturity date to January 2026. (18) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (19) This loan is associated with Stirling OP. See discussion in notes 1 and 2. (20) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 1, 2 and 8.
Schedule of Net Premium (Discount) Amortization Recognized | We recognized net premium (discount) amortization as presented in the table below (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Line Item |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Interest expense and amortization of discounts and loan costs |  | $ | (18) |  |  | $ | (4,657) |  |  | $ | (879) |  |  | $ | (8,830) |  |  |

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