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Indebtedness, net (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
IndebtednessCollateralMaturity
Interest Rate
June 30, 2024December 31, 2023
Mortgage loan (2)
1hotelMay 20244.99 %$— $5,613 
Mortgage loan (3)
1hotelJune 2024
SOFR(1) +
2.00 %8,881 8,881 
Mortgage loan (4)
2hotelsAugust 20244.85 %— 10,945 
Mortgage loan (5)
1hotelNovember 2024
SOFR(1) +
4.76 %86,000 86,000 
Mortgage loan (6)
17hotelsNovember 2024
SOFR(1) +
3.39 %409,750 409,750 
Mortgage loan (7)
1hotelDecember 2024
SOFR(1) +
4.00 %37,000 37,000 
Mortgage loan (8)
1hotelDecember 2024
SOFR(1) +
2.85 %13,683 13,759 
Mortgage loan (9)
2hotelsFebruary 20254.45 %26,319 45,792 
Mortgage loan (10)
8hotelsFebruary 2025
SOFR(1) +
3.28 %335,000 345,000 
Mortgage loan1hotelMarch 20254.66 %22,441 22,742 
Mortgage loan (11)
2hotelsMarch 2025
SOFR(1) +
2.80 %— 240,000 
Mortgage loan (12)
19hotelsApril 2025
SOFR(1) +
3.51 %862,027 862,027 
Mortgage loan (13)
4hotelsJune 2025
SOFR(1) +
4.03 %143,877 143,877 
Mortgage loan (14)
4hotelsJune 2025
SOFR(1) +
4.29 %159,424 237,061 
Mortgage loan (15)
5hotelsJune 2025
SOFR(1) +
3.02 %109,473 119,003 
Mortgage loan (16)
1hotelAugust 2025
SOFR(1) +
3.91 %— 98,000 
Term loan (17)
EquityJanuary 202614.00 %98,212 183,082 
Mortgage loan (18)
2hotelsMay 2026
SOFR(1) +
4.00 %98,450 98,450 
Mortgage loan (11)
1hotelMay 2026
SOFR(1) +
3.98 %267,200 — 
Mortgage loan (19)
4hotelsDecember 20288.51 %30,200 30,200 
Environmental loan (20)
1hotelApril 202410.00 %588 571 
Bridge loan (20)
1hotelDecember 20247.75 %20,898 19,889 
TIF Loan (20)
1hotelAugust 20258.25 %5,609 5,609 
Construction loan (20)
1hotelMay 203311.26 %15,850 15,494 
Total indebtedness$2,750,882 $3,038,745 
Premiums (discounts), net306 (606)
Capitalized default interest and late charges144 396 
Deferred loan costs, net(13,883)(6,914)
Embedded debt derivative21,200 23,696 
Indebtedness, net$2,758,649 $3,055,317 
Indebtedness related to assets held for sale, net
1hotel
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 $171.0 million.
(17) On March 11, 2024, we amended this term loan. Terms of the amendment extended the current maturity date to January 2026.
(18) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(19) This loan is associated with Stirling OP. See discussion in notes 1 and 2.
(20)    This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 1, 2 and 8.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Line Item2024202320242023
Interest expense and amortization of discounts and loan costs$(18)$(4,657)$(879)$(8,830)