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Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
December 31, 2024December 31, 2023
IndebtednessCollateralMaturity
Interest Rate
Debt Balance
Book Value of Collateral
Debt Balance
Book Value of Collateral
Mortgage loan (2)
1hotelMay 20244.99 %$— $— $5,613 $5,813 
Mortgage loan (3)
1hotelJune 2024
SOFR(1) +
2.00 %— — 8,881 6,334 
Mortgage loan (4)
2hotelsAugust 20244.85 %— — 10,945 7,831 
Mortgage loan (5)
1hotelNovember 2024
SOFR(1) +
4.76 %— — 86,000 81,104 
Mortgage loan (6)
17hotelsFebruary 2025
SOFR(1) +
3.39 %409,750 232,485 409,750 225,466 
Mortgage loan (7)
1hotelFebruary 2025
SOFR(1) +
2.85 %12,330 21,565 13,759 22,473 
Mortgage loan (8)(22)
2hotelsFebruary 2025

4.45 %25,882 38,627 45,792 53,207 
Mortgage loan (9)
8hotelsFebruary 2025
SOFR(1) +
3.28 %325,000 235,655 345,000 298,826 
Mortgage loan1hotelMarch 2025

4.66 %22,132 40,276 22,742 42,292 
Mortgage loan (10)
2hotelsMarch 2025
SOFR(1) +
2.80 %— — 240,000 201,279 
Mortgage loan (11)
19hotelsApril 2025
SOFR(1) +
3.51 %862,027 881,867 862,027 907,476 
Mortgage loan (12)(22)
4hotelsJune 2025
SOFR(1) +
4.03 %143,877 122,603 143,877 127,829 
Mortgage loan (13)(22)
4hotelsJune 2025
SOFR(1) +
4.29 %159,424 62,801 237,061 77,978 
Mortgage loan (14)(22)
5hotelsJune 2025
SOFR(1) +
3.02 %109,473 151,592 119,003 158,702 
Mortgage loan (15)
1hotelAugust 2025
SOFR(1) +
3.91 %— — 98,000 167,176 
Mortgage loan (16)
1hotelDecember 2025
SOFR(1) +
4.00 %37,000 63,633 37,000 59,352 
Term loan (17)
EquityJanuary 202614.00 %44,722 — 183,082 — 
Mortgage loan (18)
2hotelsMay 2026
SOFR(1) +
4.00 %98,450 139,244 98,450 143,710 
Mortgage loan (10)
1hotelMay 2026
SOFR(1) +
3.98 %267,200 148,488 — — 
Mortgage loan (5)
1hotelNovember 2027
SOFR(1) +
4.75 %121,500 77,165 — — 
Mortgage loan (19)
4hotelsDecember 20288.51 %30,200 35,792 30,200 35,580 
Environmental loan (20)
1hotelApril 202410.00 %— — 571 — 
Bridge loan (20)(21)
1hotelFebruary 20257.75 %20,898 — 19,889 — 
TIF Loan (20)
1hotelAugust 20258.25 %— — 5,609 — 
Construction loan (20)
1hotelMay 203311.26 %15,785 93,219 15,494 87,358 
Total indebtedness$2,705,650 $2,345,012 $3,038,745 $2,709,786 
Premiums (discounts), net331 (606)
Capitalized default interest and late charges36 396 
Deferred loan costs, net(8,459)(6,914)
Embedded debt derivative29,099 23,696 
Indebtedness, net$2,726,657 $3,055,317 
Indebtedness related to assets held for sale(8)
1hotel
February 2025
4.45 %— 14,366 
Indebtedness, net related to assets held for sale (11)
1hotel
August 2025
SOFR(1) +
3.91 %97,368 — 
$2,629,289 $3,040,951 
_____________________________
(1)    SOFR rates were 4.33% and 5.35% at December 31, 2024 and December 31, 2023, respectively.
(2)    On May 30, 2024, we sold this property for $8.0 million.
(3)    The asset securing the mortgage loan was disposed of on July 16, 2024. See note 5.
(4)     On June 10, 2024, we sold the two properties securing this mortgage loan for $17.5 million. See note 5.
(5)    On November 6, 2024, we refinanced this mortgage into a new $121.5 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at SOFR + 4.75% and has a SOFR floor of 2.75%.
(6)    This mortgage loan was amended in November 2024, February 2025 and March 2025. Terms of the amendments included extending the maturity date from November 2024 to February 2025, from February 2025 to March 2025 and from March 2025 to April 2025, respectively.
(7)    This mortgage loan was amended in December 2024. Terms of the amendment included extending the maturity date from December 2024 to February 2025, and a $1.3 million principal paydown. On February 24, 2025, we amended this mortgage loan. Terms of the February 2025 amendment included extending the current maturity date to February 2026, changing the rate from SOFR + 2.85% to SOFR + 2.75%, and adding one one-year extension option, subject to satisfaction of certain conditions.
(8)     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.
(9)     This mortgage loan was amended in April 2024. Terms of the amendment included a $10.0 million paydown and added a sixth one-year extension option, subject to satisfaction of certain conditions. The fifth one-year extension period began in February 2024. On October 9, 2024, an additional $10.0 million paydown was made in accordance with the April 2024 amendment.
(10)     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 the 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 Westin Princeton. After the May 9, 2024 refinance, Westin Princeton is unencumbered.
(11)     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. A portion of this mortgage loan relates to Courtyard Boston Downtown. See note 5.
(12)    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%.
(13)    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 this mortgage loan relates to One Ocean Resort, which was sold on June 27, 2024, resulting in a $66.2 million paydown. See note 5.
(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 the extension option, we repaid $9.5 million of principal and the variable interest rate changed from SOFR + 2.90% to SOFR + 3.02%.
(15) On April 9, 2024, we sold this property for $171.0 million. See note 5.
(16) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2024. This mortgage loan has a SOFR floor of 0.50%.
(17) On February 12, 2025, we repaid this term loan including the $30.0 million exit fee.
(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.
(21) This loan was amended in December 2024 and in February 2025. Terms of the amendment included extending the maturity date from December 2024 to February 2025, and from February 2025 to April 2025, respectively.
(22) On February 12, 2025, this mortgage loan was refinanced into a new $580.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.37%, has a two-year initial term, and three one-year extension options, subject to satisfaction of certain conditions.
Schedule of Net Premium (Discount) Amortization Recognized
We recognized net premium (discount) amortization as presented in the table below (in thousands):
Year Ended December 31,
Line Item202420232022
Interest expense and amortization of discounts and loan costs$(913)$(18,684)$(12,015)
Schedule of Maturities and Schedule Amortizations
Maturities and scheduled amortizations of indebtedness as of December 31, 2024 for each of the five following years and thereafter are as follows (in thousands), excluding extension options:
2025$2,127,925 
2026410,520 
2027121,666 
202830,381 
2029208 
Thereafter14,950 
Total$2,705,650