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Debt (Tables)
 9 Months Ended
Sep. 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):
 
CollateralInterest RateMaturity DateSeptember 30, 2024
Property Carrying Value		Balance Outstanding on Loan as of
September 30, 2024December 31,
2023
Revolving Credit Facility (1)6.92 %October 28, 2026$— $125,000 $— 
Unsecured Term Loan (2)6.90 %October 28, 2025— 140,000 90,000 
Residence Inn by Marriott Garden Grove, CA4.79 %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, CA4.64 %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, CA4.64 %July 1, 2024— — 35,171 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 2024— — 19,023 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202410,869 14,231 14,481 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202513,770 16,055 16,338 
Courtyard by Marriott Dallas, TX7.61 %September 11, 202839,680 24,500 24,500 
Hyatt Place Pittsburgh, PA (3)7.29 %June 11, 202930,120 23,300 — 
Residence Inn by Marriott Austin, TX7.42 %September 6, 203333,936 20,850 20,850 
TownePlace Suites by Marriott Austin, TX7.42 %September 6, 203330,401 19,075 19,075 
Courtyard by Marriott Summerville, SC7.33 %September 11, 203318,352 9,000 9,000 
Residence Inn by Marriott Summerville, SC7.33 %September 11, 203317,010 9,500 9,500 
SpringHill Suites by Marriott Savannah, GA (4)6.70 %June 6, 203431,997 22,000 27,832 
Hampton Inn & Suites Exeter, NH (4)6.70 %June 11, 203412,212 15,000 — 
Total debt before unamortized debt issue costs$238,347 $438,511 $486,109 
Unamortized term loan and mortgage debt issue costs(2,520)(2,032)
Total debt outstanding$435,991 $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 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.
4.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 September 30, 2024, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2024 (remaining three months)$14,311 
2025155,975 
2026125,000 
2027— 
202824,590 
Thereafter118,635 
Total debt before unamortized debt issue costs$438,511 
Unamortized term loan and mortgage debt issue costs(2,520)
Total debt outstanding$435,991