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Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Components of Mortgage Debt Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):
 
CollateralInterest RateMaturity Date3/31/21 Property Carrying ValueBalance Outstanding on Loan as of
March 31, 2021December 31,
2020
Revolving Credit Facility (1)3.11 %March 8, 2022$624,787 $120,000 $135,300 
Construction loan (2)7.75 %August 3, 202452,540 21,757 13,325 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202121,829 12,483 12,602 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202328,384 15,097 15,195 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202330,748 20,645 20,780 
Courtyard by Marriott Houston, TX4.19 %May 6, 202329,891 17,012 17,126 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202333,464 20,901 21,031 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202362,033 42,768 42,998 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202441,126 31,305 31,463 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202474,670 63,152 63,418 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202482,846 68,902 69,192 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202461,935 47,364 47,564 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202447,754 36,936 37,092 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202433,106 29,234 29,358 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202437,775 20,372 20,490 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202412,796 15,336 15,411 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202515,619 17,310 17,396 
Total debt before unamortized debt issue costs$1,291,303 $600,574 $609,741 
Unamortized mortgage debt issue costs(893)(971)
Total debt outstanding$599,681 $608,770 
 
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 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At March 31, 2021 and December 31, 2020, the Company had $120.0 million and $135.3 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.
2.On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40 million loan 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 March 31, 2021, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2021 (remaining nine months)$19,141 
2022129,249 
2023117,876 
2024318,373 
202515,935 
Thereafter— 
Total debt before unamortized debt issue costs$600,574 
Unamortized mortgage debt issue costs(893)
Total debt outstanding$599,681