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Debt (Tables) | 9 Months Ended
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Sep. 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):
Collateral | Interest Rate |  | Maturity Date |  | September 30, 2022 Property Carrying Value |  | Balance Outstanding on Loan as of
| September 30, 2022 |  | December 31, 2021
Revolving Credit Facility (1) | 3.43 | % |  | March 8, 2023 |  | $ | — |  |  | $ | — |  |  | $ | 70,000 |
Construction loan (2) | 8.65 | % |  | August 4, 2024 |  | 67,483 |  |  | 39,331 |  |  | 35,007 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 27,769 |  |  | 14,505 |  |  | 14,808 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 29,078 |  |  | 19,824 |  |  | 20,243 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 28,700 |  |  | 16,320 |  |  | 16,673 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 32,026 |  |  | 20,113 |  |  | 20,515 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 60,009 |  |  | 41,378 |  |  | 42,089 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 38,306 |  |  | 30,352 |  |  | 30,839 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 68,835 |  |  | 61,561 |  |  | 62,374 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 76,575 |  |  | 67,166 |  |  | 68,054 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 57,672 |  |  | 46,170 |  |  | 46,781 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 6, 2024 |  | 43,019 |  |  | 36,005 |  |  | 36,481 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 31,746 |  |  | 28,495 |  |  | 28,873 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 36,419 |  |  | 19,660 |  |  | 20,024 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 11,619 |  |  | 14,884 |  |  | 15,114 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 14,697 |  |  | 16,796 |  |  | 17,058 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 623,953 |  |  | $ | 472,560 |  |  | $ | 544,933 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (442) |  |  | (644) |
Total debt outstanding |  |  |  |  |  |  | $ | 472,118 |  |  | $ | 544,289 |
1.The interest rate for the $250.0 million revolving credit facility is variable and based on LIBOR plus a spread of 1.5% to 2.25% based on leverage based pricing grid. At September 30, 2022 and December 31, 2021, the Company had $0 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. 2.On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40.0 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 September 30, 2022, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2022 (remaining three months) | $ | 2,552 |
2023 | 117,919 |
2024 | 336,142 |
2025 | 15,947 |
2026 | — |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 472,560 |
Unamortized mortgage debt issue costs | (442) |
Total debt outstanding | $ | 472,118 |

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