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Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Components of Mortgage and Revolving Credit Facility Debt | Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):
Collateral | Interest Rate |  | Maturity Date |  | 3/31/22 Property Carrying Value |  | Balance Outstanding on Loan as of
| March 31, 2022 |  | December 31, 2021
Revolving Credit Facility (1) | 3.33 | % |  | March 8, 2023 |  | $ | 693,802 |  |  | $ | 110,000 |  |  | $ | 70,000 |
Construction loan (2) | 7.95 | % |  | August 4, 2024 |  | 69,648 |  |  | 38,450 |  |  | 35,007 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 27,902 |  |  | 14,706 |  |  | 14,808 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 29,661 |  |  | 20,101 |  |  | 20,243 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 29,115 |  |  | 16,554 |  |  | 16,673 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 32,409 |  |  | 20,379 |  |  | 20,515 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 60,810 |  |  | 41,848 |  |  | 42,089 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 39,253 |  |  | 30,673 |  |  | 30,839 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 70,848 |  |  | 62,096 |  |  | 62,374 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 78,643 |  |  | 67,750 |  |  | 68,054 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 59,094 |  |  | 46,572 |  |  | 46,781 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 6, 2024 |  | 44,531 |  |  | 36,318 |  |  | 36,481 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 32,276 |  |  | 28,743 |  |  | 28,873 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 36,963 |  |  | 19,900 |  |  | 20,024 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 12,022 |  |  | 15,036 |  |  | 15,114 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 14,926 |  |  | 16,969 |  |  | 17,058 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 1,331,903 |  |  | $ | 586,095 |  |  | $ | 544,933 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (578) |  |  | (644) |
Total debt outstanding |  |  |  |  |  |  | $ | 585,517 |  |  | $ | 544,289 |
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, 2022 and December 31, 2021, the Company had $110.0 million and $70.0 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 to March 8, 2024, if exercised. The credit facility is currently secured by equity pledges in properties that do not serve as collateral for other secured debt. 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 Home2 Woodland Hills hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The interest 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, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2022 (remaining nine months) | $ | 6,969 |
2023 | 227,919 |
2024 | 335,260 |
2025 | 15,947 |
2026 | — |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 586,095 |
Unamortized mortgage debt issue costs | (578) |
Total debt outstanding | $ | 585,517 |

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