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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Components of Mortgage Debt | Debt consisted of the following (in thousands):
Loan/Collateral | Interest Rate |  | Maturity Date |  | December 31, 2022 Property Carrying Value |  | Balance Outstanding as of
December 31, 2022 |  | December 31, 2021
Revolving Credit Facility (1) | — |  |  | October 28, 2026 |  | $ | — |  |  | $ | — |  |  | $ | 70,000 |
Delayed Draw Term Loan (2) | — |  |  | October 28, 2025 |  | — |  |  | — |  |  | — |
Construction Loan (3) | 9.20 | % |  | August 4, 2024 |  | 65,336 |  |  | 39,331 |  |  | 35,007 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 27,797 |  |  | 14,402 |  |  | 14,808 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 28,844 |  |  | 19,680 |  |  | 20,243 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 28,502 |  |  | 16,200 |  |  | 16,673 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 31,714 |  |  | 19,975 |  |  | 20,515 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 59,621 |  |  | 41,133 |  |  | 42,089 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 37,864 |  |  | 30,184 |  |  | 30,839 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 67,827 |  |  | 61,280 |  |  | 62,374 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 75,475 |  |  | 66,860 |  |  | 68,054 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 56,965 |  |  | 45,960 |  |  | 46,781 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 1, 2024 |  | 42,258 |  |  | 35,842 |  |  | 36,481 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 31,517 |  |  | 28,365 |  |  | 28,873 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 36,170 |  |  | 19,535 |  |  | 20,024 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 11,460 |  |  | 14,804 |  |  | 15,114 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 14,542 |  |  | 16,706 |  |  | 17,058 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 615,892 |  |  | $ | 470,257 |  |  | $ | 544,933 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (373) |  |  | (644) |
Total debt outstanding |  |  |  |  |  |  | $ | 469,884 |  |  | $ | 544,289 |
1.The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%. Amount shown as outstanding as of December 31, 2021 was outstanding under the Company's prior revolving credit facility, which was replaced by the Company's current revolving credit facility on October 28, 2022. 2.The interest rate for the delayed-draw term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%. 3.On August 4, 2020, a subsidiary of the Company 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 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 December 31, 2022, for each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2023 | $ | 117,962 |
2024 | 336,334 |
2025 | 15,961 |
2026 | — |
2027 | — |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 470,257 |
Unamortized mortgage debt issue costs | (373) |
Total debt outstanding | $ | 469,884 |

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