XML 55 R15.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):
Collateral | Interest Rate |  | Maturity Date |  | 3/31/20 Property Carrying Value |  | Balance Outstanding on Loan as of |  |
|  |  |  |  |  |  | March 31, 2020 |  | December 31, 2019
Revolving Credit Facility (1) | 3.48 | % |  | March 8, 2022 |  | $ | — |  |  | $ | 173,000 |  |  | $ | 90,000 |
Residence Inn by Marriott New Rochelle, NY | 5.75 | % |  | September 1, 2021 |  | 20,514 |  |  | 12,825 |  |  | 12,936 |
Residence Inn by Marriott San Diego, CA | 4.66 | % |  | February 6, 2023 |  | 44,609 |  |  | 27,114 |  |  | 27,272 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 29,572 |  |  | 15,472 |  |  | 15,563 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 31,751 |  |  | 21,164 |  |  | 21,291 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 30,923 |  |  | 17,451 |  |  | 17,559 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 34,655 |  |  | 21,398 |  |  | 21,520 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 63,665 |  |  | 43,644 |  |  | 43,857 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 40,424 |  |  | 31,906 |  |  | 32,053 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 78,457 |  |  | 64,160 |  |  | 64,406 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 85,969 |  |  | 70,001 |  |  | 70,270 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 64,398 |  |  | 48,120 |  |  | 48,305 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 6, 2024 |  | 51,956 |  |  | 37,525 |  |  | 37,670 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 34,261 |  |  | 29,702 |  |  | 29,817 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 38,914 |  |  | 20,822 |  |  | 20,931 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 13,727 |  |  | 15,623 |  |  | 15,693 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 16,435 |  |  | 17,637 |  |  | 17,717 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 680,230 |  |  | $ | 667,564 |  |  | $ | 586,860 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (1,299) |  |  | (1,395) |
Total debt outstanding |  |  |  |  |  |  | $ | 666,265 |  |  | $ | 585,465 |
(1)The interest rate for the revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.25%, or prime plus an applicable margin of 0.55% to 1.25%. At March 31, 2020 and December 31, 2019, the Company had $173.0 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of March 31, 2020 and December 31, 2019 was $468.7 million and $501.5 million, respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of March 31, 2020, the Company’s only variable rate debt is under its revolving credit facility. The estimated fair value of the Company’s variable rate debt as of March 31, 2020 and December 31, 2019 was $173.0 million and $90.0 million, respectively. As of March 31, 2020, the Company was in compliance with all of its financial covenants. On May 6, 2020, the company amended its credit facility to provide it with certain relief from the effects of the COVID-19 pandemic. The amendment provides for the waiver of certain financial covenants through March 31, 2021 and allows Chatham to borrow up to the entire $250 million facility size during this period. During this covenant waiver period, Chatham will be required to maintain a minimum liquidity of $25 million which will include both unrestricted cash and credit facility availability. In connection with the amendment, Chatham added six hotels to the credit facility’s borrowing base which now has a total of 18 properties. The amendment provided Chatham’s credit facility lenders with pledges of the equity in the 18 borrowing base hotels. The amendment places additional limits on Chatham’s ability to incur debt, pay dividends, and make capital expenditures during the covenant waiver period. During the covenant waiver period interest will be calculated as LIBOR (subject to a 0.5% floor) plus a spread of 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. See Note 15 for additional details. Future scheduled principal payments of debt obligations as of March 31, 2020, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2020 (remaining nine months) | $ | 8,681 |
2021 | 21,908 |
2022 | 182,954 |
2023 | 142,565 |
2024 | 295,586 |
2025 | 15,870 |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 667,564 |
Unamortized mortgage debt issue costs | (1,299) |
Total debt outstanding | $ | 666,265 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration