XML 43 R30.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Components of Mortgage Debt Debt consisted of the following (in thousands):
 
Loan/Collateral
Interest
Rate
Maturity Date12/31/21 Property
Carrying
Value		Balance Outstanding as of
December 31, 2021December 31,
2020
Revolving Credit Facility (1)3.43 %March 8, 2023$697,911 $70,000 $135,300 
Construction loan (2)7.75 %August 4, 202467,554 35,007 13,325 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 2021— — 12,602 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,634 14,808 15,195 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202329,931 20,243 20,780 
Courtyard by Marriott Houston, TX4.19 %May 6, 202329,258 16,673 17,126 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202332,697 20,515 21,031 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202360,851 42,089 42,998 
Residence Inn by Marriott Garden Grove, CA 4.79 %April 6, 202439,712 30,839 31,463 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202471,675 62,374 63,418 
Residence Inn by Marriott Silicon Valley II, CA 4.64 %July 1, 202479,649 68,054 69,192 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202459,812 46,781 47,564 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202445,254 36,481 37,092 
SpringHill Suites by Marriott Savannah, GA 4.62 %July 6, 202432,481 28,873 29,358 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202437,217 20,024 20,490 
Homewood Suites by Hilton Billerica, MA4.32 %December 6, 202412,214 15,114 15,411 
Hampton Inn & Suites Houston Medical Cntr., TX 4.25 %January 6, 202515,100 17,058 17,396 
Total debt before unamortized debt issue costs$1,338,950 $544,933 $609,741 
Unamortized mortgage debt issue costs(644)(971)
Total debt outstanding$544,289 $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 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2021 and 2020, the Company had $70.0 million and $135.3 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. Credit facility lenders representing $227.5 million of
commitments have provided two six-month extension options that would extend the final maturity of these commitments to March 8, 2024, 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, 2021, for each of the next five calendar years and thereafter are as follows (in thousands):
 Amount
2022$9,249 
2023187,919 
2024331,818 
202515,947 
2026— 
Thereafter— 
Total debt before unamortized debt issue costs$544,933 
Unamortized mortgage debt issue costs(644)
Total debt outstanding$544,289