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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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 |  | March 31, 2023 Property Carrying Value |  | Balance Outstanding on Loan as of
| March 31, 2023 |  | December 31, 2022
Revolving Credit Facility (1) | — | % |  | October 28, 2026 |  | $ | — |  |  | $ | — |  |  | $ | — |
Unsecured Term Loan (2) | 6.15 | % |  | October 28, 2025 |  | — |  |  | 75,000 |  |  | — |
Construction Loan (3) | 11.0 | % |  | August 4, 2024 |  | — |  |  | — |  |  | 39,331 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | — |  |  | — |  |  | 14,402 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | — |  |  | — |  |  | 19,680 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 28,668 |  |  | 16,076 |  |  | 16,200 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 31,402 |  |  | 19,833 |  |  | 19,975 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 59,341 |  |  | 40,880 |  |  | 41,133 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 37,415 |  |  | 30,010 |  |  | 30,184 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 66,820 |  |  | 60,989 |  |  | 61,280 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 74,509 |  |  | 66,542 |  |  | 66,860 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 56,267 |  |  | 45,742 |  |  | 45,960 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 1, 2024 |  | 41,495 |  |  | 35,671 |  |  | 35,842 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 31,265 |  |  | 28,229 |  |  | 28,365 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 36,592 |  |  | 19,406 |  |  | 19,535 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 11,273 |  |  | 14,723 |  |  | 14,804 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 14,379 |  |  | 16,613 |  |  | 16,706 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 489,426 |  |  | $ | 469,714 |  |  | $ | 470,257 |
Unamortized term loan and mortgage debt issue costs |  |  |  |  |  |  | (967) |  |  | (373) |
Total debt outstanding |  |  |  |  |  |  | $ | 468,747 |  |  | $ | 469,884 |
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%. 2.The interest rate for the unsecured 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 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 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills") hotel development. The loan had an initial term of 4 years and there were two six-month extension options. The interest rate on the loan was 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 March 31, 2023, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2023 (remaining nine months) | $ | 81,750 |
2024 | 297,003 |
2025 | 90,961 |
2026 | — |
2027 | — |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 469,714 |
Unamortized term loan and mortgage debt issue costs | (967) |
Total debt outstanding | $ | 468,747 |

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