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Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Components of Mortgage and Revolving Credit Facility Debt Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):
 
CollateralInterest RateMaturity Date6/30/21 Property Carrying ValueBalance Outstanding on Loan as of
June 30, 2021December 31,
2020
Revolving Credit Facility (1)3.11 %March 8, 2022$620,783 $128,000 $135,300 
Construction loan (2)7.75 %August 3, 202458,882 27,573 13,325 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202121,667 — 12,602 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202328,104 15,003 15,195 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202330,572 20,513 20,780 
Courtyard by Marriott Houston, TX4.19 %May 6, 202329,629 16,901 17,126 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202333,257 20,775 21,031 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202361,627 42,547 42,998 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202440,680 31,153 31,463 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202473,657 62,898 63,418 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202481,766 68,625 69,192 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202461,251 47,174 47,564 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202446,852 36,788 37,092 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202432,848 29,116 29,358 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202437,494 20,258 20,490 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202412,576 15,263 15,411 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202515,435 17,228 17,396 
Total debt before unamortized debt issue costs$1,287,080 $599,815 $609,741 
Unamortized mortgage debt issue costs(778)(971)
Total debt outstanding$599,037 $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 June 30, 2021 and December 31, 2020, the Company had $128.0 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 June 30, 2021, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2021 (remaining six months)$4,566 
2022137,249 
2023117,875 
2024324,190 
202515,935 
Thereafter— 
Total debt before unamortized debt issue costs$599,815 
Unamortized mortgage debt issue costs(778)
Total debt outstanding$599,037