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Debt (Tables)
 3 Months Ended
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):
 
CollateralInterest RateMaturity Date3/31/22 Property Carrying ValueBalance Outstanding on Loan as of
March 31, 2022December 31,
2021
Revolving Credit Facility (1)3.33 %March 8, 2023$693,802 $110,000 $70,000 
Construction loan (2)7.95 %August 4, 202469,648 38,450 35,007 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,902 14,706 14,808 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202329,661 20,101 20,243 
Courtyard by Marriott Houston, TX4.19 %May 6, 202329,115 16,554 16,673 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202332,409 20,379 20,515 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202360,810 41,848 42,089 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202439,253 30,673 30,839 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202470,848 62,096 62,374 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202478,643 67,750 68,054 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202459,094 46,572 46,781 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202444,531 36,318 36,481 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202432,276 28,743 28,873 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,963 19,900 20,024 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202412,022 15,036 15,114 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,926 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 
2023227,919 
2024335,260 
202515,947 
2026— 
Thereafter— 
Total debt before unamortized debt issue costs$586,095 
Unamortized mortgage debt issue costs(578)
Total debt outstanding$585,517