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Debt (Tables)
 9 Months Ended
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):
 
CollateralInterest RateMaturity DateSeptember 30, 2022
Property Carrying Value		Balance Outstanding on Loan as of
September 30, 2022December 31,
2021
Revolving Credit Facility (1)3.43 %March 8, 2023$— $— $70,000 
Construction loan (2)8.65 %August 4, 202467,483 39,331 35,007 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,769 14,505 14,808 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202329,078 19,824 20,243 
Courtyard by Marriott Houston, TX4.19 %May 6, 202328,700 16,320 16,673 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202332,026 20,113 20,515 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202360,009 41,378 42,089 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202438,306 30,352 30,839 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202468,835 61,561 62,374 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202476,575 67,166 68,054 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202457,672 46,170 46,781 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202443,019 36,005 36,481 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202431,746 28,495 28,873 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,419 19,660 20,024 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202411,619 14,884 15,114 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,697 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 
2023117,919 
2024336,142 
202515,947 
2026— 
Thereafter— 
Total debt before unamortized debt issue costs$472,560 
Unamortized mortgage debt issue costs(442)
Total debt outstanding$472,118