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Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Components of Mortgage and Revolving Credit Facility Debt Mortgage, revolving credit facility, and unsecured term loan debt consisted of the following (dollars in thousands):
 
CollateralInterest RateMaturity DateJune 30, 2023
Property Carrying Value		Balance Outstanding on Loan as of
June 30, 2023December 31,
2022
Revolving Credit Facility (1)— %October 28, 2026$— $— $— 
Unsecured Term Loan (2)6.40 %October 28, 2025— 90,000 — 
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, 2023— — 16,200 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202331,113 19,694 19,975 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202358,567 40,634 41,133 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202437,063 29,843 30,184 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202466,000 60,710 61,280 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202473,743 66,237 66,860 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202455,606 45,532 45,960 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202440,765 35,508 35,842 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202430,985 28,100 28,365 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202436,773 19,281 19,535 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202411,055 14,643 14,804 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,211 16,523 16,706 
Total debt before unamortized debt issue costs$455,881 $466,705 $470,257 
Unamortized term loan and mortgage debt issue costs(846)(373)
Total debt outstanding$465,859 $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%. The loan was repaid on February 1, 2023.
Schedule of Future Scheduled Principal Payments of Debt Obligations
Future scheduled principal payments of debt obligations as of June 30, 2023, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2023 (remaining six months)$63,741 
2024297,003 
2025105,961 
2026— 
2027— 
Thereafter— 
Total debt before unamortized debt issue costs$466,705 
Unamortized term loan and mortgage debt issue costs(846)
Total debt outstanding$465,859