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Debt (Tables)
 6 Months Ended
Jun. 30, 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 DateJune 30, 2022 Property Carrying ValueBalance Outstanding on Loan as of
June 30, 2022December 31,
2021
Revolving Credit Facility (1)3.38 %March 8, 2023$613,584 $15,000 $70,000 
Construction loan (2)7.98 %August 4, 202468,786 39,143 35,007 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,711 14,606 14,808 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202329,368 19,963 20,243 
Courtyard by Marriott Houston, TX4.19 %May 6, 202328,896 16,438 16,673 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202332,135 20,247 20,515 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202360,411 41,615 42,089 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202438,795 30,514 30,839 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202469,856 61,830 62,374 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202477,697 67,459 68,054 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202458,382 46,372 46,781 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202443,778 36,163 36,481 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202432,031 28,620 28,873 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,713 19,781 20,024 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202411,823 14,960 15,114 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,850 16,883 17,058 
Total debt before unamortized debt issue costs$1,244,816 $489,594 $544,933 
Unamortized mortgage debt issue costs(511)(644)
Total debt outstanding$489,083 $544,289 
 
1.The interest rate for the $250.0 million 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, 2022 and December 31, 2021, the Company had $15.0 million and $70.0 million, respectively, of outstanding borrowings under the 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 hotel 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 June 30, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2022 (remaining six months)$4,773 
2023132,919 
2024335,955 
202515,947 
2026— 
Thereafter— 
Total debt before unamortized debt issue costs$489,594 
Unamortized mortgage debt issue costs(511)
Total debt outstanding$489,083