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Debt (Tables)
 9 Months Ended
Sep. 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 Date9/30/21 Property Carrying ValueBalance Outstanding on Loan as of
September 30, 2021December 31,
2020
Revolving Credit Facility (1)3.45 %March 8, 2022$616,243 $70,000 $135,300 
Construction loan (2)7.75 %August 3, 202464,168 32,283 13,325 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202121,366 — 12,602 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,810 14,907 15,195 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202330,358 20,380 20,780 
Courtyard by Marriott Houston, TX4.19 %May 6, 202329,422 16,788 17,126 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202332,972 20,647 21,031 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202361,253 42,322 42,998 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202440,191 30,999 31,463 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202472,695 62,642 63,418 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202480,661 68,345 69,192 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202460,542 46,981 47,564 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202446,053 36,638 37,092 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202432,620 28,997 29,358 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202437,328 20,143 20,490 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202412,393 15,190 15,411 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202515,281 17,145 17,396 
Total debt before unamortized debt issue costs$1,281,356 $544,407 $609,741 
Unamortized mortgage debt issue costs(710)(971)
Total debt outstanding$543,697 $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 September 30, 2021 and December 31, 2020, the Company had $70.0 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 September 30, 2021, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2021 (remaining three months)$2,450 
202279,249 
2023117,876 
2024328,898 
202515,934 
Thereafter— 
Total debt before unamortized debt issue costs$544,407 
Unamortized mortgage debt issue costs(710)
Total debt outstanding$543,697