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Debt (Tables)
 3 Months Ended
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):
 
CollateralInterest RateMaturity DateMarch 31, 2023
Property Carrying Value		Balance Outstanding on Loan as of
March 31, 2023December 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, VA4.49 %February 6, 2023— — 19,680 
Courtyard by Marriott Houston, TX4.19 %May 6, 202328,668 16,076 16,200 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202331,402 19,833 19,975 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202359,341 40,880 41,133 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202437,415 30,010 30,184 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202466,820 60,989 61,280 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202474,509 66,542 66,860 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202456,267 45,742 45,960 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202441,495 35,671 35,842 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202431,265 28,229 28,365 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,592 19,406 19,535 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202411,273 14,723 14,804 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,379 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 
2024297,003 
202590,961 
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