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Note 6 - Debt (Details Textual) - USD ($) $ in Thousands |  |  |  |  | 3 Months Ended | 12 Months Ended |
--- | --- | --- | --- | --- | --- | --- | ---
Jun. 06, 2024 | May 31, 2024 | Dec. 19, 2022 | Oct. 28, 2022 | Mar. 31, 2025 | Mar. 31, 2024 | Dec. 31, 2024 | May 03, 2024
Long-Term Debt |  |  |  |  |  | $ 381,056 |  | $ 406,850 |
Repayments of Secured Debt |  |  |  |  |  | 15,957 | $ 1,644 |  |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |  |  |  |  | Secured Overnight Financing Rate (SOFR) [Member] |  |  |  |
Reported Value Measurement [Member] |  |  |  |  |  |  |  |  |
Long-Term Debt, Percentage Bearing Fixed Interest, Amount |  |  |  |  |  | 146,800 |  | 164,800 |
Long-Term Debt, Percentage Bearing Variable Interest, Amount |  |  |  |  |  | $ 240,000 |  | 250,000 |
Unsecured Delayed-draw Term Loan [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 0.10% |  |  |  |
Debt Instrument, Face Amount |  |  |  |  | $ 90,000 |  |  |  | $ 140,000
Debt Instrument, Interest Rate, Stated Percentage | [1] |  |  |  |  | 5.93% |  |  |
First Mortgage Lien Secured by Hyatt Place, Pittsburgh, PA [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage | [2] |  |  |  |  | 7.29% |  |  |
First Mortgage Lien Secured by Hyatt Place, Pittsburgh, PA [Member] | Wells Fargo Bank [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Face Amount |  |  | $ 23,300 |  |  |  |  |  |
Debt Instrument, Term (Year) |  |  | 5 years |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage |  |  | 7.29% |  |  |  |  |  |
First Mortgage Lien Secured by SpringHill Suites by Marriott, Savannah, GA [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage |  |  |  |  |  | 6.70% |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 27,600 |
First Mortgage Lien Secured by SpringHill Suites by Marriott, Savannah, GA [Member] | Barclays Capital Real Estate and Wells Fargo Bank [Member[ |  |  |  |  |  |  |  |  |
Debt Instrument, Face Amount |  | $ 22,000 |  |  |  |  |  |  |
Debt Instrument, Term (Year) |  | 10 years |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage |  | 6.70% |  |  |  |  |  |  |
First Mortgage Lien Secured by Hampton Inn & Suites, Exeter, NH [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage | [3] |  |  |  |  | 6.70% |  |  |
First Mortgage Lien Secured by Hampton Inn & Suites, Exeter, NH [Member] | Barclays Capital Real Estate and Wells Fargo Bank [Member[ |  |  |  |  |  |  |  |  |
Debt Instrument, Face Amount |  | $ 15,000 |  |  |  |  |  |  |
Debt Instrument, Term (Year) |  | 10 years |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage |  | 6.70% |  |  |  |  |  |  |
Revolving Credit Facility and Unsecured Term Loan [Member] |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  |  |  | $ 160,000 |  |  |
Long-Term Debt |  |  |  |  |  | $ 240,000 |  | 250,000 |
First Mortgage Lien Secured by Hampton Inn & Suites, Houston Medical Center, TX [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage |  |  |  |  |  | 4.25% |  |  |
Repayments of Secured Debt |  |  |  |  |  | $ 16,000 |  |  |
First Mortgage Lien Secured by Residence Inn Marriott, Garden Grove, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 29,300 |
First Mortgage Lien Secured by Residence Inn by Marriott, Mountain View, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 34,900 |
First Mortgage Lien Secured by Residence Inn by Residence Inn by Marriott, Silicon Valley I, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 59,500 |
First Mortgage Lien Secured by Residence Inn by Residence Inn by Marriott, Silicon Valley II, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 65,000 |
First Mortgage Lien Secured by Residence Inn by Residence Inn by Marriott, San Mateo, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 44,700 |
First Mortgage Lien Secured by Hilton Garden Inn, Marina del Rey, CA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | 18,800 |
First Mortgage Lien Secured by Homewood Suites by Hilton, Billerica, MA [Member] |  |  |  |  |  |  |  |  |
Repayments of Secured Debt |  |  |  |  |  |  |  | $ 14,200 |
Minimum [Member] | Unsecured Delayed-draw Term Loan [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 1.45% |  |  |  |
Maximum [Member] | Unsecured Delayed-draw Term Loan [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 2.20% |  |  |  |
Revolving Credit Facility [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 0.10% |  |  |  |
Debt Instrument, Interest Rate, Stated Percentage | [4] |  |  |  |  | 5.97% |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  | $ 260,000 | $ 215,000 |  |  |  |
Line of Credit Facility, Increase (Decrease), Net |  |  |  | $ 45,000 |  |  |  |  |
Revolving Credit Facility [Member] | Minimum [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 1.50% |  |  |  |
Revolving Credit Facility [Member] | Maximum [Member] |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 2.25% |  |  |  |
[1] | 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%.
[2] | 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.
[3] | 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.
[4] | 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%.

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