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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Components of Mortgage Debt Debt consisted of the following (in thousands):
 
Loan/Collateral
Interest
Rate
Maturity Date12/31/20 Property
Carrying
Value		Balance Outstanding as of
December 31, 2020December 31,
2019
Revolving Credit Facility (1)3.07 %March 8, 2022$608,319 $135,300 $90,000 
Construction loan (2)7.75 %August 4, 202443,651 13,325 — 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202121,883 12,602 12,936 
Residence Inn by Marriott San Diego, CA4.66 %February 6, 2023— — 27,272 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202328,622 15,195 15,563 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202330,996 20,780 21,291 
Courtyard by Marriott Houston, TX4.19 %May 6, 202330,152 17,126 17,559 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202333,760 21,031 21,520 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202362,419 42,998 43,857 
Residence Inn by Marriott Garden Grove, CA 4.79 %April 6, 202441,246 31,463 32,053 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202475,680 63,418 64,406 
Residence Inn by Marriott Silicon Valley II, CA 4.64 %July 1, 202483,931 69,192 70,270 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202462,652 47,564 48,305 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202448,563 37,092 37,670 
SpringHill Suites by Marriott Savannah, GA 4.62 %July 6, 202433,349 29,358 29,817 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202438,044 20,490 20,931 
Homewood Suites by Hilton Billerica, MA4.32 %December 6, 202413,014 15,411 15,693 
Hampton Inn & Suites Houston Medical Cntr., TX 4.25 %January 6, 202515,769 17,396 17,717 
Total debt before unamortized debt issue costs$1,272,050 $609,741 $586,860 
Unamortized mortgage debt issue costs(971)(1,395)
Total debt outstanding608,770 585,465 
 
1.The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2020 and 2019, the Company had $135.3 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The credit facility provides two six-month extension options that would extend the final maturity to March 8, 2023 if exercised. The Company can exercise the extension options as long as there is no default.
2.On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a loan with a total commitment of up to $40 million to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%.
Future Scheduled Principal Payments of Debt Obligations
Future scheduled principal payments of debt obligations as of December 31, 2020, for each of the next five calendar years and thereafter are as follows (in thousands):
 Amount
2021$21,441 
2022144,549 
2023117,875 
2024309,941 
202515,935 
Thereafter— 
Total debt before unamortized debt issue costs$609,741 
Unamortized mortgage debt issue costs(971)
Total debt outstanding$608,770