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v3.25.1

Indebtedness, net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Summary of Indebtedness | Indebtedness consisted of the following (in thousands):
|  |  |  |  |  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  |  |  | Debt Balance |  |  |  | Debt Balance |  |
Mortgage loan (2) |  | 2 | hotels |  | February 2025 |  |  | 4.45 | % |  |  |  | $ | — |  |  |  |  | $ | 25,882 |  |  |
Mortgage loan (3) |  | 1 | hotel |  | March 2025 |  |  | 4.66 | % |  |  |  | 21,971 |  |  |  |  | 22,132 |  |  |
Mortgage loan (4) |  | 17 | hotels |  | April 2025 |  | SOFR(1) + | 3.39 | % |  |  |  | 409,750 |  |  |  |  | 409,750 |  |  |
Mortgage loan (5) |  | 18 | hotels |  | April 2025 |  | SOFR(1) + | 3.70 | % |  |  |  | 743,625 |  |  |  |  | 862,027 |  |  |
Mortgage loan (6) |  | 8 | hotels |  | April 2025 |  | SOFR(1) + | 3.28 | % |  |  |  | 325,000 |  |  |  |  | 325,000 |  |  |
Mortgage loan (2) |  | 4 | hotels |  | June 2025 |  | SOFR(1) + | 4.03 | % |  |  |  | — |  |  |  |  | 143,877 |  |  |
Mortgage loan (2) |  | 4 | hotels |  | June 2025 |  | SOFR(1) + | 4.29 | % |  |  |  | — |  |  |  |  | 159,424 |  |  |
Mortgage loan (2) |  | 5 | hotels |  | June 2025 |  | SOFR(1) + | 3.02 | % |  |  |  | — |  |  |  |  | 109,473 |  |  |
Mortgage loan (7) |  | 1 | hotel |  | December 2025 |  | SOFR(1) + | 4.00 | % |  |  |  | 37,000 |  |  |  |  | 37,000 |  |  |
Term loan (8) |  | Equity |  | January 2026 |  |  | 14.00 | % |  |  |  | — |  |  |  |  | 44,722 |  |  |
Mortgage loan (9) |  | 1 | hotel |  | February 2026 |  | SOFR(1) + | 2.85 | % |  |  |  | 12,330 |  |  |  |  | 12,330 |  |  |
Mortgage loan (10) |  | 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 |  |  |  |  | 267,200 |  |  |
Mortgage loan (2) |  | 16 | hotels |  | February 2027 |  | SOFR(1) + | 4.37 | % |  |  |  | 580,000 |  |  |  |  | — |  |  |
Mortgage loan (12) |  | 1 | hotel |  | November 2027 |  | SOFR(1) + | 4.75 | % |  |  |  | 121,500 |  |  |  |  | 121,500 |  |  |
Mortgage loan (13) |  | 4 | hotels |  | December 2028 |  |  | 8.51 | % |  |  |  | 30,200 |  |  |  |  | 30,200 |  |  |
Bridge loan (14) (15) |  | 1 | hotel |  | April 2025 |  |  | 7.75 | % |  |  |  | 20,898 |  |  |  |  | 20,898 |  |  |
Construction loan (14) |  | 1 | hotel |  | May 2033 |  |  | 11.26 | % |  |  |  | 15,754 |  |  |  |  | 15,785 |  |  |
Total indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 2,683,678 |  |  |  |  | $ | 2,705,650 |  |  |
Premiums (discounts), net |  |  |  |  |  |  |  |  |  |  |  | 348 |  |  |  |  | 331 |  |  |
Capitalized default interest and late charges |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 36 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  |  |  | (32,843) |  |  |  |  | (8,459) |  |  |
Embedded debt derivative (8) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 29,099 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  |  |  | $ | 2,651,183 |  |  |  |  | $ | 2,726,657 |  |  |
Indebtedness, net related to assets held for sale (5) |  | 1 | hotel |  | April 2025 |  | SOFR(1) + | 3.70 | % |  |  |  | — |  |  |  |  | 97,368 |  |  |
|  |  |  |  |  |  |  |  |  |  |  | $ | 2,651,183 |  |  |  |  | $ | 2,629,289 |  |  |
_____________________________ (1) SOFR rates were 4.32% and 4.33% at March 31, 2025 and December 31, 2024, respectively. (2) 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 has three one-year extension options, subject to the satisfaction of certain conditions. (3) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 5.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. (4) As of March 31, 2025, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest of 4.00% was accrued in addition to the stated interest rate, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. On April 9, 2025, this mortgage loan was amended and was no longer in default. Terms of the amendment included extending the current maturity date from April 2025 to March 2026, and adding two one-year extension options, subject to the satisfaction of certain conditions. (5) 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. In January 2025, this mortgage loan was paid down $118.4 million in conjunction with the sale of the Courtyard Boston Downtown. On April 9, 2025 and May 9, 2025, we entered into agreements providing for a 30-day forbearance period through May 9, 2025 and June 9, 2025, respectively. See note 5. (6) This mortgage loan has six one-year extension options, subject to satisfaction of certain conditions. The sixth one-year extension period began in February 2025, subject to satisfaction of certain conditions by March 9, 2025. Effective March 9, 2025, the loan was amended to extend the satisfaction of conditions period to April 9, 2025. On April 9, 2025 and May 9, 2025, the loan was amended to further extend the satisfaction of conditions period to May 9, 2025 and June 9, 2025, respectively. (7) 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%. (8) On February 12, 2025, we repaid this term loan including the $30.0 million exit fee. (9) On February 24, 2025, we amended this mortgage loan. Terms of the amendment included extending the current maturity date to February 2026 and adding one one-year extension option, subject to satisfaction of certain conditions. (10) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. (11) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (12) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.75%. (13) This loan is associated with Stirling OP. See discussion in notes 1 and 2. (14) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 1, 2 and 8. (15) This loan was amended in February 2025 and in April 2025. Terms of the amendment included extending the maturity date from February 2025 to April 2025, and from April 2025 to June 2025, respectively.
Schedule of Net Premium (Discount) Amortization Recognized | We recognized net premium (discount) amortization as presented in the table below (in thousands):
|  | Three Months Ended March 31, |  |
Line Item |  | 2025 |  | 2024 |  |  |  |  |  |
Interest expense and amortization of discounts and loan costs |  | $ | (17) |  |  | $ | (861) |  |  |  |  |  |  |

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