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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 DateDecember 31, 2024
Property
Carrying
Value		Balance Outstanding as of
December 31, 2024December 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, 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, MA4.32 %December 6, 2024— — 14,481 
Hampton Inn & Suites Houston-Medical Center, TX 4.25 %January 6, 202513,620 15,957 16,338 
Courtyard by Marriott Dallas, TX (3)7.61 %September 11, 202839,404 24,500 24,500 
Hyatt Place Pittsburgh, PA (4)7.29 %June 11, 202929,830 23,300 — 
Residence Inn by Marriott Austin, TX (5)7.42 %September 6, 203333,671 20,850 20,850 
TownePlace Suites by Marriott Austin, TX (5)7.42 %September 6, 203330,092 19,075 19,075 
Courtyard by Marriott Summerville, SC (6)7.33 %September 11, 203318,175 9,000 9,000 
Residence Inn by Marriott Summerville, SC (6)7.33 %September 11, 203316,908 9,500 9,500 
SpringHill Suites by Marriott Savannah, GA (7)6.70 %June 6, 203432,579 22,000 27,832 
Hampton Inn & Suites Exeter, NH (7)6.70 %June 11, 203412,132 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 
2026110,000 
2027— 
202824,590 
202923,681 
Thereafter94,954 
Total debt before unamortized debt issue costs$409,182 
Unamortized mortgage debt issue costs(2,332)
Total debt outstanding$406,850