XML 49 R34.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Components of Mortgage Debt | Debt consisted of the following (in thousands):
Loan/Collateral | Interest Rate |  | Maturity Date |  | December 31, 2024 Property Carrying Value |  | Balance Outstanding as of
December 31, 2024 |  | December 31, 2023
Revolving Credit Facility (1) | 6.66 | % |  | October 28, 2026 |  | $ | — |  |  | $ | 110,000 |  |  | $ | — |
Unsecured Term Loan (2) | 6.75 | % |  | October 28, 2025 |  | — |  |  | 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 |  | — |  |  | — |  |  | 19,023 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | — |  |  | — |  |  | 14,481 |
Hampton Inn & Suites Houston-Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 13,620 |  |  | 15,957 |  |  | 16,338 |
Courtyard by Marriott Dallas, TX (3) | 7.61 | % |  | September 11, 2028 |  | 39,404 |  |  | 24,500 |  |  | 24,500 |
Hyatt Place Pittsburgh, PA (4) | 7.29 | % |  | June 11, 2029 |  | 29,830 |  |  | 23,300 |  |  | — |
Residence Inn by Marriott Austin, TX (5) | 7.42 | % |  | September 6, 2033 |  | 33,671 |  |  | 20,850 |  |  | 20,850 |
TownePlace Suites by Marriott Austin, TX (5) | 7.42 | % |  | September 6, 2033 |  | 30,092 |  |  | 19,075 |  |  | 19,075 |
Courtyard by Marriott Summerville, SC (6) | 7.33 | % |  | September 11, 2033 |  | 18,175 |  |  | 9,000 |  |  | 9,000 |
Residence Inn by Marriott Summerville, SC (6) | 7.33 | % |  | September 11, 2033 |  | 16,908 |  |  | 9,500 |  |  | 9,500 |
SpringHill Suites by Marriott Savannah, GA (7) | 6.70 | % |  | June 6, 2034 |  | 32,579 |  |  | 22,000 |  |  | 27,832 |
Hampton Inn & Suites Exeter, NH (7) | 6.70 | % |  | June 11, 2034 |  | 12,132 |  |  | 15,000 |  |  | — |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 226,411 |  |  | $ | 409,182 |  |  | $ | 486,109 |
Unamortized term loan and mortgage debt issue costs |  |  |  |  |  |  | (2,332) |  |  | (2,032) |
Total debt outstanding |  |  |  |  |  |  | $ | 406,850 |  |  | $ | 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 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. 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. 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 December 31, 2024, for each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2025 | $ | 155,957 |
2026 | 110,000 |
2027 | — |
2028 | 24,590 |
2029 | 23,681 |
Thereafter | 94,954 |
Total debt before unamortized debt issue costs | $ | 409,182 |
Unamortized mortgage debt issue costs | (2,332) |
Total debt outstanding | $ | 406,850 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481212/470-30-50-1 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration