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Debt (Tables)
 9 Months Ended
Sep. 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 DateSeptember 30, 2023
Property Carrying Value		Balance Outstanding on Loan as of
September 30, 2023December 31,
2022
Revolving Credit Facility (1)— %October 28, 2026$— $— $— 
Unsecured Term Loan (2)6.56 %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, 2023— — 19,975 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 2023— — 41,133 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202436,561 29,673 30,184 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202464,976 60,427 61,280 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202472,627 65,929 66,860 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202454,890 45,321 45,960 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202440,052 35,343 35,842 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202430,699 27,968 28,365 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202437,546 19,154 19,535 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202410,961 14,563 14,804 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,069 16,432 16,706 
Courtyard by Marriott Dallas, TX (4)7.61 %September 11, 202840,820 24,500 — 
Residence Inn by Marriott Austin, TX (5)7.42 %September 6, 203334,932 20,850 — 
TownePlace Suites by Marriott Austin, TX (5)7.42 %September 6, 203331,618 19,075 — 
Courtyard by Marriott Summerville, SC (6)7.33 %September 11, 203318,890 9,000 — 
Residence Inn by Marriott Summerville, SC (6)7.33 %September 11, 203317,399 9,500 — 
Total debt before unamortized debt issue costs$506,040 $487,735 $470,257 
Unamortized term loan and mortgage debt issue costs(1,664)(373)
Total debt outstanding$486,071 $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 four 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.
4.On August 30, 2023, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $24.5 million loan secured by the Courtyard by Marriott Dallas Downtown. The loan has a term of five years, carries a fixed interest rate of 7.61%, and is interest-only for the duration of the loan.
5.On August 16, 2023, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate to obtain a $20.9 million loan and a $19.1 million loan secured by the Residence Inn by Marriott Austin and the TownePlace Suites by Marriott Austin, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.42%, and is interest-only for the first five years before amortizing based upon a 30-year amortization schedule.
6.On August 31, 2023, two subsidiaries of Chatham entered into two agreements with Wells Fargo Bank to obtain a $9.0 million loan and a $9.5 million loan secured by the Courtyard by Marriott Summerville and the Residence Inn by Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan.
Schedule of Future Scheduled Principal Payments of Debt Obligations
Future scheduled principal payments of debt obligations as of September 30, 2023, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2023 (remaining three months)$1,846 
2024297,003 
2025105,961 
2026— 
2027— 
Thereafter82,925 
Total debt before unamortized debt issue costs$487,735 
Unamortized term loan and mortgage debt issue costs(1,664)
Total debt outstanding$486,071