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Debt (Tables) | 6 Months Ended
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Jun. 30, 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):
Collateral | Interest Rate |  | Maturity Date |  | June 30, 2024 Property Carrying Value |  | Balance Outstanding on Loan as of
| June 30, 2024 |  | December 31, 2023
Revolving Credit Facility (1) | 6.96 | % |  | October 28, 2026 |  | $ | 689,811 |  |  | $ | 120,000 |  |  | $ | — |
Unsecured Term Loan (2) | 6.91 | % |  | October 28, 2025 |  | 689,811 |  |  | 140,000 |  |  | 90,000 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | — |  |  | — |  |  | 29,496 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | — |  |  | — |  |  | 60,134 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | — |  |  | — |  |  | 65,609 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | — |  |  | — |  |  | 45,100 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 1, 2024 |  | — |  |  | — |  |  | 35,171 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 38,001 |  |  | 18,759 |  |  | 19,023 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 10,749 |  |  | 14,314 |  |  | 14,481 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 13,852 |  |  | 16,150 |  |  | 16,338 |
Courtyard by Marriott Dallas, TX (3) | 7.61 | % |  | September 11, 2028 |  | 39,889 |  |  | 24,500 |  |  | 24,500 |
Hyatt Place Pittsburgh, PA (6) | 7.29 | % |  | June 11, 2029 |  | 30,442 |  |  | 23,300 |  |  | — |
Residence Inn by Marriott Austin, TX (4) | 7.42 | % |  | September 6, 2033 |  | 34,161 |  |  | 20,850 |  |  | 20,850 |
TownePlace Suites by Marriott Austin, TX (4) | 7.42 | % |  | September 6, 2033 |  | 30,683 |  |  | 19,075 |  |  | 19,075 |
Courtyard by Marriott Summerville, SC (5) | 7.33 | % |  | September 11, 2033 |  | 18,534 |  |  | 9,000 |  |  | 9,000 |
Residence Inn by Marriott Summerville, SC (5) | 7.33 | % |  | September 11, 2033 |  | 17,116 |  |  | 9,500 |  |  | 9,500 |
SpringHill Suites by Marriott Savannah, GA (7) | 6.70 | % |  | June 6, 2034 |  | 31,635 |  |  | 22,000 |  |  | 27,832 |
Hampton Inn & Suites Exeter, NH (7) | 6.70 | % |  | June 11, 2034 |  | 12,318 |  |  | 15,000 |  |  | — |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 967,191 |  |  | $ | 452,448 |  |  | $ | 486,109 |
Unamortized term loan and mortgage debt issue costs |  |  |  |  |  |  | (2,658) |  |  | (2,032) |
Total debt outstanding |  |  |  |  |  |  | $ | 449,790 |  |  | $ | 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 its duration. 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 its duration. 6.On May 31, 2024, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $23.3 million loan secured by the Hyatt Place Pittsburgh. The loan has a term of five years, carries a fixed interest rate of 7.29%, and is interest-only for its duration. 7.On June 6, 2024, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate and Wells Fargo Bank to obtain a $22.0 million loan secured by the SpringHill Suites Savannah and a $15.0 million loan secured by the Hampton Inn & Suites Exeter. Each loan has a term of ten years, carries a fixed interest rate of 6.70%, and is interest-only for its duration.
Schedule of Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of June 30, 2024, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2024 (remaining six months) | $ | 33,248 |
2025 | 155,975 |
2026 | 120,000 |
2027 | — |
2028 | 24,590 |
Thereafter | 118,635 |
Total debt before unamortized debt issue costs | $ | 452,448 |
Unamortized term loan and mortgage debt issue costs | (2,658) |
Total debt outstanding | $ | 449,790 |

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