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Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Indebtedness, net
Indebtedness, net consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate
 
September 30, 2020
 
December 31, 2019
Secured revolving credit facility (3)
 
Equity
 
October 2022
 
Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50%
 
$
—

 
$
—

Mortgage loan (4)
 
Park Hyatt Beaver Creek
 
April 2021
 
LIBOR (1) + 2.75%
 
67,500

 
67,500

Mortgage loan (5)
 
The Notary Hotel
 
June 2021
 
LIBOR (1) + 2.16%
 
435,000

 
435,000

 
 
The Clancy
 
 
 
 
 
 
 
 
 
 
Sofitel Chicago Magnificent Mile
 
 
 
 
 
 
 
 
 
 
Marriott Seattle Waterfront
 
 
 
 
 
 
 
 
Mortgage loan (6)
 
Ritz-Carlton, St. Thomas
 
August 2021
 
LIBOR (1) + 3.95%
 
42,500

 
42,500

Mortgage loan (7)
 
Hotel Yountville
 
May 2022
 
LIBOR (1) + 2.55%
 
51,000

 
51,000

Mortgage loan (7)
 
Bardessono Hotel
 
August 2022
 
LIBOR (1) + 2.55%
 
40,000

 
40,000

Term loan (3)
 
Equity
 
October 2022
 
Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50%
 
63,284

 
—

Mortgage loan (7)
 
Ritz-Carlton, Sarasota
 
April 2023
 
LIBOR (1) + 2.65%
 
100,000

 
100,000

Mortgage loan (7)
 
Ritz-Carlton, Lake Tahoe
 
January 2024
 
LIBOR (1) + 2.10%
 
54,000

 
54,000

Mortgage loan (8)
 
Capital Hilton
 
February 2024
 
LIBOR (1) + 1.70%
 
197,229

 
195,000

 
 
Hilton La Jolla Torrey Pines
 
 
 
 
 
 
 
 
Mortgage loan (7)
 
Pier House Resort
 
September 2024
 
LIBOR (1) + 1.85%
 
80,000

 
80,000

 
 
 
 
 
 
 
 
1,130,513

 
1,065,000

Capitalized default interest and late charges
 
 
 
 
 
 
 
8,610

 
—

Deferred loan costs, net
 
 
 
 
 
 
 
(6,136
)
 
(6,514
)
Indebtedness, net
 
 
 
 
 
 
 
$
1,132,987

 
$
1,058,486

__________________
(1) 
LIBOR rates were 0.148% and 1.763% at September 30, 2020 and December 31, 2019, respectively.
(2) 
Base Rate, as defined in the secured term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
(3) 
Effective June 8, 2020, we amended our secured revolving credit facility totaling $75 million, which was the total borrowing capacity. In conjunction with the amendment, we repaid $10 million of principal and converted the facility to a term loan with a principal balance of $65 million. The amended term loan is interest only until March 2021 and bears interest at a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.5%, with a LIBOR floor of 0.50%.
(4) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020.
(5) 
Effective June 9, 2020, we executed a FF&E accommodation agreement for this mortgage loan. Terms of the agreement included lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through January 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in June 2020.
(6) 
The interest rate spread on this mortgage loan changed from 4.95% as of December 31, 2019, to 3.95% as of March 31, 2020, based on an appraisal received in accordance with the August 5, 2019 loan amendment. This mortgage loan has a LIBOR floor of 1.00%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(7) 
Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included adding a LIBOR floor of 0.25%; deferral of interest payments for three months with the option to extend the interest payment deferral an additional three months, which was exercised in August 2020, with all deferred payments due at maturity; lender-held reserves were made available to fund property-level operating expenses; and monthly FF&E escrow deposits were waived through December 2020.
(8) 
Effective September 24, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. In conjunction with the forbearance agreement, deferred interest payments of $2.2 million were capitalized into the principal balance and are to be repaid in 12 monthly installments beginning January 2021.