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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Components of Mortgage Debt Debt consisted of the following (in thousands):
 
Loan/Collateral
Interest
Rate
Maturity DateDecember 31, 2022
Property
Carrying
Value		Balance Outstanding as of
December 31, 2022December 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, 202465,336 39,331 35,007 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202327,797 14,402 14,808 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202328,844 19,680 20,243 
Courtyard by Marriott Houston, TX4.19 %May 6, 202328,502 16,200 16,673 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202331,714 19,975 20,515 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202359,621 41,133 42,089 
Residence Inn by Marriott Garden Grove, CA 4.79 %April 6, 202437,864 30,184 30,839 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202467,827 61,280 62,374 
Residence Inn by Marriott Silicon Valley II, CA 4.64 %July 1, 202475,475 66,860 68,054 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202456,965 45,960 46,781 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202442,258 35,842 36,481 
SpringHill Suites by Marriott Savannah, GA 4.62 %July 6, 202431,517 28,365 28,873 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,170 19,535 20,024 
Homewood Suites by Hilton Billerica, MA4.32 %December 6, 202411,460 14,804 15,114 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,542 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 
2024336,334 
202515,961 
2026— 
2027— 
Thereafter— 
Total debt before unamortized debt issue costs$470,257 
Unamortized mortgage debt issue costs(373)
Total debt outstanding$469,884