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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
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 DateMarch 31, 2024
Property Carrying Value		Balance Outstanding on Loan as of
March 31, 2024December 31,
2023
Revolving Credit Facility (1)— %October 28, 2026$— $— $— 
Unsecured Term Loan (2)6.90 %October 28, 2025— 90,000 90,000 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202435,765 29,318 29,496 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202463,021 59,837 60,134 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202470,394 65,285 65,609 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202453,501 44,877 45,100 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202438,585 34,997 35,171 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202430,256 27,694 27,832 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202438,378 18,890 19,023 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202410,862 14,397 14,481 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202514,023 16,244 16,338 
Courtyard by Marriott Dallas, TX (3)7.61 %September 11, 202840,166 24,500 24,500 
Residence Inn by Marriott Austin, TX (4)7.42 %September 6, 203334,427 20,850 20,850 
TownePlace Suites by Marriott Austin, TX (4)7.42 %September 6, 203330,998 19,075 19,075 
Courtyard by Marriott Summerville, SC (5)7.33 %September 11, 203318,727 9,000 9,000 
Residence Inn by Marriott Summerville, SC (5)7.33 %September 11, 203317,205 9,500 9,500 
Total debt before unamortized debt issue costs$496,308 $484,464 $486,109 
Unamortized term loan and mortgage debt issue costs(1,882)(2,032)
Total debt outstanding$482,582 $484,077 
 
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 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.
4.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.
5.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 March 31, 2024, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2024 (remaining nine months)$295,565 
2025105,974 
2026— 
2027— 
202824,590 
Thereafter58,335 
Total debt before unamortized debt issue costs$484,464 
Unamortized term loan and mortgage debt issue costs(1,882)
Total debt outstanding$482,582